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Vmoto (ASX:VMT) - Managing Director, Charles Chen - The Market Herald
Managing Director, Charles Chen
Sourced: The West Australian
  • Electric scooter manufacturer Vmoto (VMT) has raised nearly $4 million in an oversubscribed share purchase plan — four times the amount it was originally tapping shareholders for
  • On April 6, the company announced it was aiming to raise $1 million in a share purchase plan to strengthen its balance sheet during these uncertain times
  • The oversubscribed raise is a milestone achievement for the company, as it shows how well shareholders support the company's vision
  • Vmoto is aiming to be a leading producer and manufacture of high-quality electric two-wheel vehicles
  • Vmoto is up 2.87 per cent on the market this morning and is selling shares for 18.5 cents each

Electric scooter manufacturer Vmoto (VMT) has raised nearly $4 million in an oversubscribed share purchase plan — four times the amount it was originally tapping shareholders for.

On April 6, the company announced it was aiming to raise $1 million in a share purchase plan to strengthen its balance sheet during these uncertain times. Today, Vmoto announced it raised $3.95 million in a heavily oversubscribed raise.

This is a milestone achievement for the company as it shows how well shareholders support the company's vision.

Vmoto is aiming to be a leading producer and manufacture of high-quality electric two-wheel vehicles. For the remainder of 2020, the company is aiming to streamline manufacturing operations to increase its market share in European and other international markets.

The funds will be used for general working capital, which includes increasing market activities and expanding the company's business-to-consumer (B2C) and business-to-business (B2B) operations.

Managing Director Charles Chen is pleased with the share purchase plan outcome and is happy with the support Vmoto has received.

“The COVID-19 challenges faced by all companies and Governments globally are
unprecedented and we continue to review and assess our product and region-specific sales strategies daily," he said.

“We remain confident in our ability to deliver sales and revenue growth as the rest of 2020 unfolds and look forward to providing positive updates to the market as appropriate going forward," he added.

Vmoto is up 2.87 per cent on the market this morning and is selling shares for 18.5¢ each at 10:38 am AEST.


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