Life Electric Vehicles Holdings Inc. (OTC:LFEV) Stock In Focus After Recent News
This morning, Life Electric Vehicles Holdings Inc. (OTC:LFEV) stock is likely to be in focus among investors after the company made a significant new announcement yesterday.
The company announced that, as per the provisions of an amended stock exchange agreement, Life Electric Vehicles concluded the exchange of its stock for a share of the capital stock of LEV Manufacturing Inc. The number of shares that were exchanged by shareholders of LEV Manufacturing constituted 40% of the entity’s equity. It may be a good idea for investors to take a closer look at some of the aspects of the transaction.
As per the agreement terms, there were three ways in which LEV Manufacturing stock was exchanged. Firstly, a solitary share of the common stock was exchanged for a five-year warrant to pick up 35 shares in Life EV Nevada for $0.01 per share. Secondly, the A,B,C, D, and E Preferred Stock classes of LEV Manufacturing were exchanged for one share of Series C Preferred Stock of Life EV Nevada. Lastly, each Class FS Preferred stock of LEV Manufacturing was exchanged for a solitary share of Life EV Nevada Series FS Preferred stock. Following the exchange, LEV Manufacturing became a 40%-owned subsidiary of Life EV Nevada.
On April 17, 2023, the company announced that the exchange of the shares of its stock for capital stock shares of Life Electric Vehicles Inc. (Life EV Florida) would move ahead as per the provisions of an amended share exchange agreement. Like in the above transaction, the shares exchanged by the shareholders of Life EV Floridas would make up 40% of the equity of the entity.
At the time, it was also announced that Life EV Florida had become a 40%-owned subsidiary of Life EV Nevada following the completion of the transaction.
