VaporBrands International Inc (OTCMKTS:VAPR) Stock Jumps After a Major News
E-Cite Motors Group announced receiving a pre-money valuation of Seventy-Five Million Dollars. The Group, which is a subsidiary of VaporBrands International Inc (OTCMKTS:VAPR), confirmed on May 25, 2023, that the amount would be used for raising capital for manufacturing of production vehicles.
Trading Data
On Thursday, VAPR stock surged 11.94% to $0.0150 with 1.24 million shares, compared to volume of 376.36K shares. The stock moved within a range of $0.0127 – 0.0165 after opening trade at $0.0139.
E-Cite Motors Receives 75 Million Dollar Valuation by Industry Experts for Production Vehicle Offering Contained in Documents Filed with the SEC Amidst CARB Approval to Proceed with Certification
The valuation was endorsed bythe Securities and Exchange Commission, enabling retail investors and the public to invest in E-Cite Motors L.L.C. The valuation was assessed by industry experts specializing in JOBS Act capital, enabling retail investors to invest in startups.
The valuation reached post the company becoming the only vehicle manufacturer under Low Volume Manufacturers Act from California Air Resources Board. This will allow the firm to manufacture and sell new EV vehicles in the states. The offering is limited to $1,235,000.
Gene Langmesser, E-Cite COO said that the designs and engineering are complete. The COO added that they have been allowed to undergo CARB certification and the company aims to move ahead with the production of vehicles. He said that the company is thrilled to enable the public to invest in the firm’s progress and share success at the current valuation.
Earlier, E-Cite was the first company to get a vehicle approved by National Highway Traffic Safety Administration. Additionally, the company was the first to get World Manufactures Identifier, registering it as a manufacturer for vehicle sales globally.
