EZGO Technologies Ltd. (EZGO) shares rose 4.60% in after-hours on Wednesday, June 30, 2021, and closed the day at $4.55 per share. Earlier in the morning session, EZGO’s stock gained 7.14% to close Wednesday’s normal trading session at $4.35 per session. EZGO shares have moved up by 12.69% in the past week. Over the past three months, the stock has lost 26.40%, The company has a current market of $58.46 million and its outstanding shares stood at 13.44 million.

Let’s see what are the latest news and developments about EZGO?

Recent financial results announcement

On June 30, 2021, EZGO Technologies Ltd released its unaudited financial results for the six months ended March 31, 2021.

Financial highlights of six months

• EZGO TechnologiesLtd reported revenue of $9.6 million for the six months ended March 31, 2021, compared to approximately $5.5 million for the six months ended March 31, 2020.
• The gross margin was 9.7% for the six months of 2021 ended March 31, 2021, compared to 9.6% for the same period in 2020.
• Total operating expenses were $1.32 million for the reported six months compared to $1.22 million in the same period in 2020.
• For the six months ended March 31, 2021, the company suffered a net loss of $0.3 million, compared with a net loss of $0.6 million for the same period in 2020.
• As of March 31, 2021, the company has cash and cash equivalents of approximately $7.1 million compared to approximately $0.3 million on September 30, 2020.

Closing of Upsized $12 Million Registered Direct Offering

On June 2, 2021, EZGO Technologies Ltd closed a registered direct offering of an aggregate of 2,564,102 units of its securities with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.7 ordinary shares for aggregate gross proceeds of approximately $12 million. The warrants are exercisable immediately, have an exercise price of $4.68 per share, and expire two years from the date of issuance.

Expansion of e-bicycle production operations

On May 20, 2021, EZGO Technologies Ltd agreed to acquire land and factory buildings owned by Tianjin Jiahao Bicycle Co., Ltd for a total purchase price of approximately US$10.2 million.

With this addition, EZGO will have more than 35,000 square meters of factory land, including two factory buildings and an administration building, and a construction area of approximately 11,000 square meters.

The expansion will provide a production capacity of 500,000 units of two-wheeled e-bicycles.

Conclusion

The EZGO share price went up on Wednesday after the company announced its financial results for six months. EZGO stock can end the week at a higher price by continuing its positive momentum on Thursday and Friday as well.