Ev Dynamics (HKG:0476) will issue and allot 60 million shares to Total Honest Investment at HK$0.45 apiece to raise net proceeds of HK$26.8 million, a late Friday Hong Kong bourse filing said.

Shares of the electric car solutions provider were up 1% in Monday afternoon trading.

The shares represent roughly 20.9% of the company's enlarged issued share capital.

The firm will use proceeds from the issue for working capital to complete purchase orders and develop the purpose-built electric transport solutions business, as well as for general working capital.