易电行集团美股招股说明书(2023-06-06版)

424B51ea179721-424b5ezgotech.htmPROSPECTUSSUPPLEMENT FiledPursuanttoRule424(b)(5)RegistrationNo.333-263315 PROSPECTUSSUPPLEMENT (ToProspectusdatedNovember30,2022) EZGOTechnologiesLtd. Anaggregateofferingamountof$8,500,000 Weareoffering10,000,000units(“Units”)at$0.85perUnittocertainindividualinvestors(collectively,the“Investors”)pursuanttothisprospectussupplementandtheaccompanyingprospectusandasecuritiespurchaseagreement,datedasofJune5,2023(the“SecuritiesPurchaseAgreement”)withsuchInvestors.EachUnitconsistsofoneordinaryshare,parvalueUS$0.001pershare(“OrdinaryShare”),andonewarrant(“Warrant”)topurchaseoneOrdinaryShareatapriceof$1.20pershare,subjecttoadjustmentasprovidedherein.TheWarrantswillbecomeexercisableforcashoronacashlessbasisuponissuanceandwillexpireoneyearaftertheissuancedate. OnMarch31,2023,theaggregatemarketvalueworldwideofouroutstandingvotingandnon-votingcommonequityheldbynon-affiliateswasapproximately$86.7million,basedon48,433,000OrdinarySharesoutstandingandapersharepriceof$1.79basedontheclosingsalepriceofourOrdinarySharesontheNasdaqGlobalMarketonMarch31,2023.WearethereforenolongersubjecttothelimitationsonunderGeneralInstructionI.B.5ofFormF-3. OnJune5,2023,weenteredintotheSecuritiesPurchaseAgreementwithcertainInvestorsforthesaleofanaggregateof10,000,000Unitsatapurchasepriceof$0.85perUnit,foraggregategrossproceedsof $8,500,000.Thenetproceedsreceivedbyusfromtheofferingwillbeusedforworkingcapitalandgeneralbusinesspurposes. Wearean“emerginggrowthcompany”asdefinedunderapplicableU.S.securitieslawsandareeligibleforreducedpubliccompanyreportingrequirements. Investinginoursecuritiesinvolvesahighdegreeofrisk,includingtheriskoflosingyourentireinvestment.See“RiskFactors”beginningonpageS-24andthe“RiskFactors”intheaccompanyingprospectustoreadaboutfactorsyoushouldconsiderbeforepurchasingoursecurities. INVESTORSPURCHASINGSECURITIESINTHISOFFERINGAREPURCHASINGSECURITIESOFEZGOTECHNOLOGIESLTD.,ABRITISHVIRGINISLANDSBUSINESSCOMPANY(“EZGO”),RATHERTHANSECURITIESOFITSSUBSIDIARIESORTHEVIE(ASDEFINEDBELOW)THATCONDUCTSUBSTANTIVEBUSINESSOPERATIONSINCHINA. Inthisprospectussupplement,“we,”“us,”“our,”“ourcompany,”the“Company,”orsimilartermsrefertoEZGOTechnologiesLtd.and/oritsconsolidatedsubsidiaries,otherthanJiangsuEZGOElectronicTechnologies,Co.,Ltd.(formerlyknownasJiangsuBaozheElectricTechnologies,Co.,Ltd.),amainlandChinacompany(the“VIE”).EZGOconductsoperationsinChinathroughChangzhouEZGOEnterpriseManagementCo.,Ltd.(the“WFOE”),theVIEanditssubsidiariesinChina,andEZGOdoesnotconductanybusinessonitsown.ThefinancialresultsoftheVIEanditssubsidiariesareconsolidatedintoourfinancialstatementsforaccountingpurposes,butwedonotholdanyequityinterestintheVIEoranyofitssubsidiaries. InvestinginEZGO’ssecuritiesishighlyspeculativeandinvolvesasignificantdegreeofrisk.EZGOisnotanoperatingcompanyestablishedinthePeople’sRepublicofChina(the“PRC”),butaholdingcompanyincorporatedintheBritishVirginIslands.Asaholdingcompanywithnomaterialoperationsofitsown,EZGOconductsthemajorityofitsoperationsthroughcontractualarrangementswithitsoperatingentitiesestablishedinthePRC,primarilytheVIE,inwhichEZGOdoesnotholdanyequityinterest,andtheVIE’ssubsidiariesbasedinthePRC.Thisvariableinterestentitystructureinvolvesuniqueriskstoinvestors.ThecontractualarrangementswiththeVIEhavenotbeentestedincourt.ThevariableinterestentitystructureisusedtoprovideinvestorswithcontractualexposuretoforeigninvestmentinChina-basedcompanieswhereChineselawprohibitsorrestrictsdirectforeigninvestmentintheoperatingcompanies.DuetoPRClegalrestrictionsonforeignownershipininternet-basedbusinesses,wedonothaveanyequityownershipoftheVIE;instead,wereceivetheeconomicbenefitsoftheVIE’sbusinessoperationsthroughcertaincontractualarrangements.Asaresultofsuchseriesofcontractualarrangements,EZGOanditssubsidiariesbecometheprimarybeneficiaryoftheVIEforaccountingpurposesandtheVIEasaPRCconsolidatedentityunderthegenerallyacceptedaccountingprinciplesintheUnitedStates(the“U.S.GAAP”).WeconsolidatethefinancialresultsoftheVIEanditssubsidiariesinourconsolidatedfinancialstatementsinaccordancewithU.S.GAAP.Neitherwenorourinvestorsownanyequityownershipin,directforeigninvestmentin,orcontrolthroughsuchownership/investmentoftheVIE.InvestorsmayneverholdequityinterestsintheChineseoperatingcompany.ThesecuritiesofferedinthisprospectussupplementaresecuritiesofourBritishVirginIslandsholdingcompanythatmaintainscontractualarrangementswiththeassociatedoperationcompanies.TheChineseregulatoryauthoritiescoulddisallowthisvariableinterestentitystructure,whichwouldlikelyresultinamaterialchangeinEZGO’soperationsprimarilythroughtheVIEanditssubsidiariesinChinaand/oramaterialchangeinthevalueofthesecuritiesEZGOisregisteringforsale,includingthatitcouldcausethevalueofitssecuritiestosignificantlydeclineorbecomeworthless.ForadescriptionofourcorporatestructureandcontractualarrangementswiththeVIE,see“Item3.KeyInformation—D.RiskFactors—RisksRelatedtoOurCorporateStructure”onpage19ofourAnnualReportonForm20-FforthefiscalyearendedSeptember30,2022(the“2022AnnualRe