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TORONTO, Nov. 10, 2021 /CNW/ - E Automotive Inc.
d/b/a E Inc. ("E Inc." or the "Company") (TSX: EINC),
which goes to market under the brands EBlock and EDealer, announced
today the successful closing of its previously-announced initial
public offering (the "Offering") of 5,900,000 common shares
at a price of C$23.00 per share for
gross proceeds of C$135,700,000. The
Offering was upsized from an initial size of C$125,000,000 as a result of excess demand.
The common shares of the Company began trading on the Toronto
Stock Exchange on November 3, 2021
under the symbol "EINC".
E Inc. anticipates using the net proceeds from the Offering to
strengthen its balance sheet, increase its working capital and
further its growth initiatives.
The Offering was made through a syndicate of underwriters led by
Canaccord Genuity Corp., CIBC Capital Markets and National Bank
Financial Inc. as lead underwriters, and Scotiabank, Eight Capital,
ATB Capital Markets Inc. and Laurentian Bank Securities Inc.
(collectively with the lead underwriters, the
"Underwriters").
The Underwriters have also been granted an over-allotment option
(the "Over-Allotment Option") to purchase up to an
additional 885,000 common shares at a price of C$23.00 per share for additional gross proceeds
of C$20,355,000 if the Over-Allotment
Option is exercised in full. The Over-Allotment Option can be
exercised for a period of 30 days from today.
The Offering was completed pursuant to the Company's
supplemented PREP prospectus dated November
2, 2021 (the "Prospectus") and filed with the
securities regulators in each of the provinces and territories of
Canada. A copy of the Prospectus
is available under E Inc.'s SEDAR profile at www.sedar.com.
Goodmans LLP acted as legal counsel to E Inc. and Miller Thomson
LLP acted as legal counsel to the Underwriters.
No securities regulatory authority has either approved or
disapproved the contents of this press release. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale or any acceptance of an
offer to buy these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
The securities have not been and will not be registered under
the United States Securities Act of 1933 (the "U.S. Securities
Act"), as amended, or any state securities laws, and may not be
offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or
benefit of, "U.S. persons" (as defined in Regulation S under the
U.S. Securities Act). Accordingly, the securities may not be
offered or sold within the United
States unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to exemptions from the
registrations requirements of the U.S. Securities Act and
applicable state securities laws.
About E Inc.
E Inc.'s mission is to optimize the online vehicle buying,
selling, and management experience for automotive dealers and
consumers. E Inc. has a digital platform (the "Platform")
that provides automotive dealerships with access to an online
wholesale auction marketplace where they can purchase or sell
vehicles to other dealers, as well as access innovative software
solutions to support dealers' digital retailing and inventory
management. Access to E Inc.'s Platform is complemented by
ancillary service offerings to assist dealers with supplementary
auction-related needs, including driving consumer traffic to their
digital properties and optimizing other business processes. E
Inc.'s digital wholesale marketplace goes to market under the brand
EBlock, and E Inc.'s digital retail suite of products goes to
market under the brand EDealer.
Forward-Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities legislation that
reflects management's current expectations regarding future events.
Such information includes, but is not limited to, statements
related to the expected use of net proceeds from the Offering and
the exercise of the Over-Allotment Option. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the
Company's control. Such risks and uncertainties include, but are
not limited to, the factors discussed under "Risk Factors" in the
Prospectus. Actual results could differ materially from those
projected herein. The Company does not undertake any obligation to
update such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required under applicable securities laws.
SOURCE E Automotive Inc.
