AERWINS Technologies Inc. (NASDAQ: AWIN) experienced a remarkable surge of 32.46% during the pre-market session on Monday, trading at $0.15. However, during regular trading, AERWINS stock saw a decline of 10.02%, closing at $0.1140. This decrease can be attributed to the notification from NASDAQ, which stated that AWIN stock and warrants would be delisted effective October 27, 2023, unless an alternative request is made. Nonetheless, recent developments have aided AWIN stock in its recovery during the extended session.
The Board of Directors at AERWINS (AWIN) has recently granted approval for the establishment of a subsidiary in Los Angeles, California, within the United States. This subsidiary’s purpose is to undertake the overhaul of the XTURISMO Ltd Edition prototype 1 hoverbike (referred to as the “XTURISMO”). AWIN’s objectives involve positioning the XTURISMO more favorably for broader markets, including the United States and Europe, and pursuing certification from the U.S. Federal Aviation Administration (the “FAA”).
The redesign effort is anticipated to encompass various aspects, such as the incorporation of an alternative powerplant and fuel source, airframe stabilization, utilization of more efficient rotors with safety features, an upgraded driver seat and enclosure, the adoption of a harness-based wiring system, and the restructuring of onboard electronic systems, among other enhancements.
Leading this initiative will be the company’s Executive Chairman and President, Kiran Sidhu. Mr. Sidhu will head a dedicated team based in the United States, focused on securing FAA approval for the XTURISMO and overseeing the necessary redesigns. Recent actions taken by Mr. Sidhu include engaging in discussions with an FAA-certified manufacturer possessing expertise in helicopter system design and identifying additional FAA-certified entities expected to join the project.
AERWINS is confident that involving FAA-certified companies will provide a heightened level of technical, engineering, and financial support, enabling the company to implement improvements to the XTURISMO and thus expand its potential for entry into new markets. Notably, Mr. Sidhu has committed to providing the company with up to $300,000 in working capital to initiate the initial phase of this redesign endeavor through an interest-free demand loan.
