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Exro announces shareholder approval for merger with SEA Electric

CALGARY — Exro Technologies Inc. announces that all necessary shareholder and stockholder approvals required in connection with the proposed merger with SEA Electric Inc. have been obtained.

On April 4, 2024, Exro held a special meeting of shareholders, whereby an ordinary resolution to authorize (i) the issuance by Exro of up to 398,549,647 common shares of Exro to stockholders of SEA Electric in accordance with the terms of the agreement and plan of merger dated January 29, 2024, as amended, between Exro, eTruck VCU Acquisition Inc., an indirect wholly-owned subsidiary of Exro, and SEA Electric, (ii) the issuance by Exro of up to an additional 10,000,000 Common Shares that may be issuable in accordance with the Merger Agreement, and (iii) the issuance of 31,600,000 Common Shares on conversion of 31,600,000 subscription receipts of Exro in accordance with the subscription receipt agreement dated February 16, 2024 between Exro, Canaccord Genuity Corp. and Odyssey Trust Company entered into in connection with the previously announced bought deal private placement of subscription receipts, was approved by 98.7% of the votes cast by shareholders of Exro at the Meeting.

A total of 69,241,585 Common Shares were voted at the Meeting online or by proxy, representing approximately 40.7% of the issued and outstanding Common Shares as of February 20, 2024, the record date for the Meeting.

The Transaction is expected to be completed on or about April 5, 2024 and is subject to the satisfaction of all closing conditions set out in the Merger Agreement. Following completion of the Transaction, the combined company will continue to operate under the name Exro Technologies Inc. and continue to be listed and trade on the Toronto Stock Exchange under the ticker symbol “EXRO”.

Exro Technologies Inc. is a clean technology company that has developed new generation power control electronics that tries to expand the capabilities of electric motors and batteries.