Brief: Exro Announces Merger with SEA Electric

Exro Technologies

30/01/2024 12:20

Jan 30 (Reuters) - Exro Technologies Inc  EXRO.TO :
    * EXRO ANNOUNCES MERGER WITH SEA ELECTRIC TO CREATE LEADING
E-MOBILITY TECHNOLOGY COMPANY AND CONCURRENT C$42 MILLION
CAPITAL RAISE TRANSACTIONS
    * EXRO TECHNOLOGIES INC - TARGETING DELIVERY OF MORE THAN
1,000
PROPULSION TECHNOLOGY SYSTEMS TO OEMS IN 2024
    * EXRO TECHNOLOGIES INC - COMBINED CO TO CONTINUE TO OPERATE
UNDER
NAME EXRO TECHNOLOGIES INC. AND TRADE ON TSX UNDER TICKER SYMBOL
"EXRO"
    * EXRO TECHNOLOGIES INC - TRANSACTION VALUES SEA ELECTRIC AT
APPROXIMATELY US$300 MILLION
    * EXRO TECHNOLOGIES: UPON COMPLETION OF TRANSACTION, SUE
OZDEMIR
WILL REMAIN CHIEF EXECUTIVE OFFICER, & DARRELL BISHOP WILL
BECOME CFO
    * EXRO TECHNOLOGIES INC -BOARD OF DIRECTORS OF COMBINED
COMPANY
WILL CONSIST OF UP TO NINE MEMBERS WITH ROD COPES SERVING AS
CHAIR
    * EXRO TECHNOLOGIES INC - UNDER DEAL, FOLLOWING CLOSE, EXRO
SHAREHOLDERS WILL OWN AN APPROXIMATE 34.5% ECONOMIC STAKE IN
COMBINED CO
    * EXRO TECHNOLOGIES INC: TERMINATION FEE OF APPROXIMATELY
$11.4
MILLION IS PAYABLE BY EXRO TO SEA IF MERGER AGREEMENT IS
TERMINATED IN CERTAIN CIRCUMSTANCES
    * EXRO TECHNOLOGIES: EXRO IS ENTITLED TOREVERSE TERMINATION
FEE OF
ABOUT $11.4 MILLION FROM SEA IF MERGER AGREEMENT IS TERMINATED
IN CERTAIN CIRCUMSTANCES.

Source text for Eikon:  ID:nCNWHNj7na 
Further company coverage:  EXRO.TO 

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