EV Technology Group Ltd. announced a private placement of unsecured convertible notes for gross proceeds of $10 million in a round of funding on February 13, 2023. The securities are issued pursuant to a securities purchase agreement entered into among the Company and individual investors. The Notes will mature three years from the date of issuance, unless repurchased, redeemed, or converted in accordance with their terms prior to the maturity date and shall accrue interest at the rate of 7.0% per annum.

Upon the satisfaction of certain conditions, including for example a change of control of the company, the Notes shall automatically convert into common shares of the company. The transaction is subject to a number of conditions, including final approval of the NEO Stock Exchange.