E Automotive Inc. d/b/a EINC. Announces Final Results of its Substantial Issuer Bid
TORONTO, May 26, 2023 /CNW/ - E Automotive Inc. d/b/a EINC (TSX: EINC) ("EINC" or the "Company") announced today that it will take up and purchase for cancellation 1,317,239 of its common shares (the "Common Shares") at a purchase price of C$3.50 per Common Share under the Company's substantial issuer bid (the "Offer"), for aggregate consideration of approximately C$4.61 million.
Common Shares purchased under the Offer represent approximately 2.49% of the issued and outstanding Common Shares on a non-diluted basis as at April 18, 2023, when the terms of the Offer were announced. After giving effect to the Offer and the Company's private placement of Common Shares to finance the Offer, 57,767,448 Common Shares will be issued and outstanding.
A total of 1,317,239 Common Shares were properly tendered to the Offer and not withdran. Payment for the purchased Common Shares will be effected by TSX Trust Company (the "Depositary") in accordance with the Offer and applicable law.
The full details of the Offer are described in the offer to purchase and issuer bid circular dated April 18, 2023, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com.
This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Common Shares.
EINC's mission is to optimize the online vehicle buying, selling, and management experience for automotive dealers and consumers. EINC 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 EINC'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 EINC's digital retail suite of products goes to market under the brand EDealer.
SOURCE E Automotive Inc.