Press Release

Haynes and Boone Represents Austin-based EV Company, AYRO, Inc., in its Successful Reverse Merger and Listing on Nasdaq

June 04, 2020
A Haynes and Boone, LLP deal team represented Austin-based AYRO, Inc., a manufacturer of light-duty, emissions-free electric vehicles, in its reverse merger with DropCar, Inc. In connection with this transaction, which closed on May 28, 2020, DropCar, Inc. changed its name to AYRO, Inc. and the combined company commenced trading on Nasdaq under the symbol AYRO.

Founded in 2017, AYRO designs and manufactures compact, sustainable electric vehicle solutions for urban and community transport, local on-demand and last-mile delivery, closed-campus mobility, and government use.

“We were delighted to work with Haynes and Boone, LLP on this complex transaction,” said Rod Keller, President and Chief Executive Officer of AYRO. “We originally turned to Haynes and Boone given their in-depth experience in working with emerging growth companies like AYRO in both traditional and complex alternative financing transactions, such as reverse mergers. During this deal, we found Haynes and Boone to be responsive, creative and efficient as they adeptly guided us in going public through this alternative IPO.”

New York Partner Rick Werner, co-chair of Haynes and Boone’s Capital Markets and Securities Practice Group, led the team representing AYRO. He was assisted by Partners Matt Fry, a co-chair of the Capital Markets and Securities Practice Group, Greg Kramer, Jayun Koo, Sam Lichtman, and Susan Wetzel, and Associates Eloise Rotenberg, Taylor West, Michael Haden, Don Shiman and Scott Thompson.

The Capital Markets and Securities Practice Group delivers strategic solutions and provides comprehensive advice on a full range of securities transactions and reporting matters. The group has helped companies raise capital and comply with evolving securities laws and practices for more than four decades, and it serves as securities counsel to more than 30 public companies ranging in size from small cap companies to large cap multi-national business entities.

Haynes and Boone is an international corporate law firm with offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services across a wide array of industries. With more than 575 lawyers, Haynes and Boone is ranked among the largest U.S.-based firms by The National Law Journal, The American Lawyer and The Lawyer. It also ranks among the nation’s most recommended law firms by general counsel, according to BTI Consulting Group’s “Most Recommended Law Firms 2019” report.
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