Exro Technologies, SEA Electric complete merger

Exro Technologies and SEA Electric announced the closing of the previously announced merger, pursuant to which Exro acquired all of the issued and outstanding shares of common stock and preferred stock of SEA Electric that it did not already own. The Transaction was approved at a special meeting of shareholders of Exro held on April 4, 2024. Pursuant to the Transaction, former SEA Electric stockholders received 31.463 common shares of Exro and 34.4999 convertible preferred shares of Exro for each share of SEA Stock. As a result of the Transaction, Exro issued an aggregate of 146,453,200 Common Shares and 160,589,446 Preferred Shares and SEA Electric became an indirect wholly-owned subsidiary of Exro. Following closing 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”. Concurrent with the closing of the Transaction, Tony Fairweather, CEO of SEA Electric, and John MacLeod, a director of SEA Electric, have joined the board of directors of the Combined Company and Terence Johnsson and Anita Ganti have resigned from the board of directors.