E-Cite Motors Reduces 671,000 Shares Through Debt Payment

Innovative EV Technologies, Inc., operating as E-Cite Motors, announced the elimination of approximately 671,000 shares through a strategic debt repayment. This move is aligned with the company's commitment to minimize shareholder dilution and strengthen its capital structure.

This initiative follows E-Cite's Stock Lock-Up Agreement, which locked over 90% of potential conversions, reducing conversion risk of tens of millions of shares. These efforts demonstrate a dual strategy to reduce dilution and sustain investor trust while setting a foundation for future growth.

CEO Barry Henthorn highlighted the significance of these actions, stating they bolster confidence in E-Cite's capital structure. Operating as a CARB-approved, low-volume EV manufacturer, E-Cite holds regulatory advantages over traditional manufacturers, positioning it for efficient growth in the EV market.