“We’re honored to be working with the #1 distributor in Canada,” says EV Battery Tech CEO Bryson Goodwin. “Daymak has a fantastic line up of merchandise and the synergies between our applied sciences will work extraordinarily effectively in powering current and future merchandise collectively.”
The deal goes into impact instantly and has a time period of 5 years, with an automated renewal for 1-year phrases. We are able to count on to see EV Battery Tech’s merchandise included into Daymak’s product line someday in late Q2 of this yr. Whereas the Settlement’s intention is for EV Battery Tech to be the unique supplier of batteries and battery packs, Daymak has the precise to hunt another quote if Daymak and EV Battery tech can not agree on industrial phrases, nonetheless EV Battery Tech will nonetheless have the precise of first refusal to match the industrial phrases of any competing bid for the availability of such programs.
As per the phrases of the Settlement, Daymak will challenge the choice to buy 360,000 widespread shares within the capital of Daymak to EV Battery Tech’s wholly owned subsidiary IoniX Professional Battery Applied sciences Corp., at an train worth of $5.56 per share. Additional to the phrases of the Settlement, the Firm will challenge Daymak warrants to buy 10,000,000 widespread shares of the Firm at an train worth of $0.20 per share, topic to a vesting schedule and compliance and guidelines and insurance policies of the Canadian Securities Trade.
“Our partnership on merchandise and expertise will create superb synergies and I consider our collaboration will produce many thrilling outcomes and merchandise now and into the long run.” concluded Mr. Baiocchi
Daymak is actively in search of a SPAC to turn into a public firm to finish the Daymak Avvenire sequence of merchandise. Extra data accessible at www.daymakavvenire.com. For additional data, contact President Aldo Baiocchi at [email protected]
For seller distribution enquiries please contact Nick Maalouf, at [email protected]
Daymak, a Toronto-based firm included in 2002, is a number one developer and distributor of private gentle electrical autos. At Daymak our purpose is to make excellent clear autos that make a optimistic impression on the surroundings for as we speak and future generations.
Daymak’s present clients embody Walmart, Costco, TSC, QVC, Greatest Purchase, Hudson’s Bay plus over 150 sellers throughout Canada and the USA. Daymak was additionally the recipient of the “Clear Tech North Award”, and Revenue Journal’s High 100, 200 quickest rising Canadian firms whereas additionally being named “One among Ontario’s Greenest Corporations.”
Additional details about the Firm is offered on its web site (https://www.evbattery.tech).
SOURCE Daymak Inc.