易电行集团美股招股说明书(2023-09-13版)

424B51ea185108-424b5_ezgotech.htmPROSPECTUSSUPPLEMENT PROSPECTUSSUPPLEMENT (ToProspectusdatedNovember30,2022) FiledPursuanttoRule424(b)(5)RegistrationNo.333-263315 EZGOTechnologiesLtd. AnAggregateOfferingAmountof$9,602,881.25OrdinaryShares, Warrants,and OrdinarySharesIssuableUponExerciseofWarrants Weareoffering8,498,125ordinaryshares,parvalueof$0.001pershare(the“OrdinaryShares”),andaccompanying8,498,125warrants(the“CommonWarrants”)topurchase8,498,125OrdinaryShares(the“WarrantShares”)and33,992,500warrants(the“ExchangeWarrants,”togetherwithCommonWarrants,the“Warrants”)topurchase33,992,500WarrantSharesinaregistereddirectofferingtocertaininstitutionalinvestorspursuanttothatcertainsecuritiespurchaseagreement,datedasofSeptember11,2023.ThecombinedpurchasepriceperOrdinaryShareandaccompanyingCommonWarrantandfourExchangeWarrantsis$1.13.EachoftheWarrantsisexercisableforoneWarrantShareatanexercisepriceof$1.13pershare.EachWarrantmaybeexercisedonacashlessbasis.Inaddition,theExchangeWarrantmaybeexercisedonanalternativecashlessbasis.Seethesectionentitled“DescriptionofSecuritiesWeAreOffering–Warrants–CashlessExercise”inthisprospectussupplement.TheWarrantsareimmediatelyexercisableandmaybeexercisedforaperiodofthreeyearsfollowingtheissuancedate.ThisofferingalsorelatestotheWarrantSharesissuableuponexerciseoftheWarrantssoldinthisoffering. AegisCapitalCorp.isactingastheplacementagentforthisoffering.See“PlanofDistribution.”Thenetproceedsreceivedbyusfromthisofferingwillbeusedforworkingcapitalandgeneralbusinesspurposes. OurOrdinarySharesarelistedontheNasdaqCapitalMarket(“Nasdaq”)underthesymbol“EZGO.”OnSeptember11,2023,thelastreportedsalespriceofourOrdinarySharesonNasdaqwas$0.315pershare. WedonotintendtoapplytolisttheWarrantsbeingsoldinthisofferingonanysecuritiesexchange.Accordingly,thereisnoestablishedpublictradingmarketfortheWarrants,andwedonotexpectamarkettodevelop.Withoutanactivemarket,theliquidityoftheWarrantswillbelimited. Wearean“emerginggrowthcompany”asdefinedunderapplicableU.S.securitieslawsandareeligibleforreducedpubliccompanyreportingrequirements. Investinginoursecuritiesinvolvesahighdegreeofrisk,includingtheriskoflosingyourentireinvestment.See“RiskFactors”beginningonpageS-25andthe“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,whichwouldlikelyresul