Exro Technologies (TSX: EXRO) (OTCQB: EXROF) and SEA Electric Inc. today announced concurrent equity and debt financings for aggregate gross proceeds of C$42 million, comprised of an equity financing through the issuance of subscription receipts of Exro and a debt financing through arrangements by SEA from a Canadian pension fund manager. Exro expects to use the net proceeds in support of the combined business of Exro and SEA per the concurrently announced agreement (the “merger agreement”) providing for the acquisition of SEA by Exro (the “transaction”). Subject to the of approval of Exro shareholders and other customary closing conditions, the transaction is expected to close by the end of Q1 2024.

The companies also announced their entry into the merger agreement providing for the acquisition of SEA by Exro. The business combination is expected to strengthen Exro’s technology offerings while accelerating revenue growth and Exro’s path to profitability. Following completion of the transaction, the combined company will continue to operate under the name Exro Technologies Inc. and trade on the Toronto Stock Exchange (the “TSX”) under the ticker symbol EXRO. “We are pleased to announce the merger between Exro and SEA Electric, which unites our complementary EV technology platforms and unlocks substantial opportunities for growth and path to profitability,” said Exro CEO Sue Ozdemir. “Our merger with SEA not only creates significant revenue and cost synergies, but positions Exro to amplify its growth with new partners while continuing to develop our existing relationships. Having come to know SEA and its management team from doing business with them over the past several years, I have great confidence that this acquisition will bolster our competitive positioning in the EV technology space while providing significant value potential for our shareholders.”

To view the full press releases, visit https://ibn.fm/mLV9k and https://ibn.fm/vUGUC

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 (Coil Driver(TM)) and stationary energy storage (Cell Driver(TM)), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. For more information, visit the company’s website at 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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