Exro Announces Merger with SEA Electric to Create Leading e-Mobility Technology Company and Concurrent C$42 Million Capital Raise Transactions
Concurrent C$42 Million capital raise to fund capital expenditures, working capital, and general business requirements
- Concurrent C$42 Million capital raise to fund capital expenditures, working capital, and general business requirements
CALGARY, AB, Jan. 30, 2024 /CNW/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro") and SEA Electric Inc. ("SEA" or "SEA Electric") announced today that they have entered into an agreement (the "Merger Agreement") providing for the acquisition of SEA by Exro (the "Transaction"). - "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.
- SEA Electric produces the SEA-Drive propulsion technology that controls all the components that electrify a vehicle.
- In addition, Exro will assume approximately US$46 million (C$62 million) in SEA net debt as part of the Transaction.