LOI Signed for Reverse Merger between EV Electra and DrazCanna, Inc. (OTC PINK: DZCA)
DEARBORN HEIGHTS, MI / ACCESSWIRE / November 30, 2023 / EV Electra, a pioneering force in the electric vehicle (EV) industry, is set to make significant strides in its strategic evolution with an announcement at the eCarExpo on Friday December 1, 2023 in the Swedish Exhibition & Congress Centre in Gothenburg venue. Jihad Mohammad, CEO will hold a press conference to unveil EV Electra's extraordinary commitment to growth, innovation, and market leadership in the EV industry.
Special Announcement at eCarExpo in Gothenburg, Sweden
In a move to captivate the industry and its stakeholders, EV Electra is gearing up for a Special Announcement scheduled for December 1st, 2023. The stage for this groundbreaking revelation will be set at the prestigious eCarExpo in Sweden, a fitting venue that aligns with EV Electra's commitment to innovation in the electric vehicle sector. The company is committed to producing Battery Electric Vehicles with zero emissions, fostering a cleaner, greener future. The press conference held at TIME (11:00 CET)
The announcement promises to unveil a strategic evolution that will not only define EV Electra's future trajectory but will also contribute to shaping the landscape of the EV industry worldwide. Industry enthusiasts, stakeholders, and the media are eagerly anticipating this event that is poised to leave an indelible mark on the company's journey at The Swedish Exhibition & Congress Centre in Gothenburg, the venue for eCarExpo. Sweden is one of the world's leading countries when it comes to electric cars and eCarExpo is Europe's largest electric vehicle fair.
eCarExpo, which initially began as a small event in 2016 showcasing a limited selection of electric cars, has now become Europe's largest EV fair for new cars. The fair attracts significant media attention with new vehicle unveilings occurring with industry representatives attending from around the world and members of the public are welcome to attend on December 2nd and 3rd.
EV Electra DrazCanna, Inc. Reverse Merger Letter of Intent (LOI) Signed
EV Electra is excited to announce the Letter of Intent for the reverse merger (LOI) that outlines a definitive plan for its reverse merger share agreement has been signed. The reverse merger positions the company's capital structure for future growth. The plan includes a share exchange of EV Electra's outstanding shares of 1,033,368,173 with 2.110546785 EV Electra's outstanding shares for each DrazCanna, Inc.'s shares.
"The anticipated closing of the reverse merger is expected to occur in next 45 days shortly after year end." stated Jihad Mohammad, "This marks a pivotal moment in EV Electra's evolution. These actions were taken to position the company for sustained success."
FINRA Name Change & New Ticker Symbol - Update
EV Electra is pleased to provide an update on its Financial Industry Regulatory Authority (FINRA) Name Change and New Ticker Symbol filing. This move is a part of the company's commitment to align its corporate identity with its evolving strategic focus in the electric vehicle market.
The rebranding initiative reflects EV Electra's dedication to a fresh identity that resonates with its stakeholders and the broader market. The company believes that this change will enhance brand recognition and visibility, fostering a stronger connection with investors and partners.
On October 18, 2023, DrazCanna, Inc. filed with FINRA an application to change its name to EV Electra LTD in preparation for the reverse merger as well as to better reflect its business model within the electric vehicle industry going forward. Currently, DrazCanna, Inc. has provided all information requested by FINRA and is awaiting their completion of processing for name change and new ticker symbol.
Additional Corporate Governance Initiatives
In a bid to streamline its regulatory status, EV Electra announces its intention to file for Shell Designation Removal. This move expected to be completed post reverse merger is a testament to the company's commitment to transparency, compliance, and governance. EV Electra believes that achieving this designation removal will further bolster investor confidence and pave the way for increased market credibility.
EV Electra is setting its sights on the prestigious NASDAQ exchange, expressing its intention to make a significant leap in its listing status. The move to NASDAQ is a strategic decision aligned with EV Electra's growth aspirations. The company envisions this transition as a key milestone that will broaden its investor base, increase liquidity, and elevate its market standing.
Capital Partner Relationships
As EV Electra continues its robust growth trajectory, it reiterates its commitment to fostering capital partner relationships. The company sees collaborations as instrumental in fueling innovation, expanding market reach, and accelerating growth. EV Electra invites potential partners to explore mutually beneficial opportunities, recognizing the value of strategic alliances in driving sustained success in the dynamic EV market.
In conclusion, EV Electra's recent announcements mark a pivotal moment in its journey, reflecting a commitment to innovation, transparency, and strategic growth. The company invites stakeholders, investors, and industry enthusiasts to stay tuned for further updates as it continues to shape the future of the electric vehicle industry.
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About EV Electra LTD
EV Electra LTD, headquartered in Canada, holds the distinction of being the pioneering electric automotive manufacturer with its initial Research & Development Center based in Lebanon. Originally established under 'Jihad Mohammad Investments,' EV Electra has evolved into an independent entity, forging its path towards innovation and sustainability.
EV Electra stands as the premier electric automotive manufacturer, rooted in Lebanon and branching out to locations in Lebanon, Canada, Germany, and Turkey, all underpinned by a global vision that propels its expansion.
From its inception, EV Electra has been driven by a singular mission: to champion environmental conservation. The company is deeply committed to producing Battery Electric Vehicles with zero emissions, fostering a cleaner, greener future. Fueled by this commitment, EV Electra's dedicated team strives to create an enticing, inventive, and affordable range of electric vehicles. Their collective inspiration lies in becoming a global leader in the transition toward sustainable energy, marking a significant milestone in our world's journey toward environmental responsibility.
About DrazCanna, Inc.
DrazCanna, Inc. (OTC PINK:DZCA) was operating in the educational sector until 2016 and was dormant until 2021 when the corporation filed its reports to achieve current status.
This press release contains forward-looking statements that involve risks and uncertainties concerning the plans and expectations of EV Electra LTD and DrazCanna, Inc. These statements are only predictions and actual events, or results may differ materially from those described in this press release due to a number of risks and uncertainties, some of which are out of the company's control. The potential risks and uncertainties include, among others, that the company's expectations of future growth may not be realized. These forward-looking statements are made only as of the date hereof. The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in the company's annual, quarterly, and current reports and other filings, including but not limited for the quarter ended September 30, 2023, and filings with the OTC Markets.
SOURCE: EV ELECTRA LTD.
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