SES AI offers clarification on recent sale of shares by management

SES recently celebrated its 11-year anniversary and its 1-year anniversary since listing on the New York Stock Exchange. As a result, a portion of restricted stock units that were granted to management shortly after listing recently vested, creating a tax liability for some officers of the company. After the market closed on May 2, several members of SES management filed Form 4s, which are a statement of change in beneficial ownership in SES, including CEO Qichao Hu. The transactions reported on these Form 4s were carried-out pursuant to an automatic "sell-to-cover" instruction for the applicable withholding taxes on the vested RSUs. Proceeds from the share sales were collected by SES for the sole purpose of covering the aforementioned tax liabilities. "I have no intention to sell shares in SES and have never sold a single share in SES aside for paying taxes due on vesting RSUs. We continue to make incredible progress on our Li-Metal battery cells and I look forward to providing an update on our business when we report our first quarter earnings after market close on May 8", said Founder and CEO Qichao Hu.