Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company which has developed new-generation, power-control electronics that expand the capabilities of electric motors and batteries, has announced that all necessary shareholders and stockholders approved the proposed merger with SEA Electric Inc. According to the announcement, the company held a special meeting of shareholders on April 4, 2024. During the meeting, shareholders and stockholders approved an ordinary resolution for the company to issue up to 398,549,647 common shares to stockholders of SEA Electric as outlined in an amended agreement. The agreement is between Exro, its indirect wholly owned subsidiary eTruck VCU Acquisition Inc. and SEA Electric. Shareholders also authorized the company to issue up to 10,000,000 additional common shares in accordance with the merger agreement and to issue 31,600,000 common shares on conversion of 31,600,000 subscription receipts of Exro; those shares will be issued in accordance with the subscription receipt agreement between Exro, Canaccord Genuity Corp. and Odyssey Trust Company. “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 Feb. 20, 2024 , the record date for the meeting,” said Exro Technology in the press release. “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.”
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About Exro Technologies Inc.
Exro Technologies is a leading clean-technology company that has developed new-generation, power-control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility — Exro’s Coil Driver(TM) — and stationary energy storage — Exro’s Cell Driver (TM) — and act to accelerate adoption toward a circular electrified economy by delivering more with less, minimum energy for maximum results. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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