$NAKD This was taken from Ayro annual report. Published 03/31/21. Speaks to the minimum amount of sales of the Ayro 411, which Cenntro owns the design of, in order for Ayro to maintain exclusive rights “Under our Manufacturing License Agreement with Cenntro (the “MLA”), in order for us to maintain our exclusive territorial rights pursuant to the MLA, for the first three years after the effective date of March 22, 2020, we must meet the following minimum purchase requirements, which we believe we satisfied for the initial period: (i) a minimum of 300 units sold by the first anniversary of the effective date of the MLA; (ii) a minimum of 800 units sold by the second anniversary of the effective date of the MLA; and (iii) a minimum of 1,300 units sold by the third anniversary of the effective date of the MLA. Cenntro will determine the minimum sale requirements for the years thereafter.” -Highlighted in blue on the pic
3
8
8 Likes