Exro and SEA Electric Announce Completion of Merger
Retrieved on:
Friday, April 5, 2024
CALGARY, AB, April 5, 2024 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro") and SEA Electric Inc. ("SEA Electric") are pleased to announce the closing of the previously announced merger (the "Transaction"), pursuant to which Exro acquired all of the issued and outstanding shares of common stock and preferred stock of SEA Electric ("SEA Stock") that it did not already own.
Key Points:
- CALGARY, AB, April 5, 2024 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro") and SEA Electric Inc. ("SEA Electric") are pleased to announce the closing of the previously announced merger (the "Transaction"), pursuant to which Exro acquired all of the issued and outstanding shares of common stock and preferred stock of SEA Electric ("SEA Stock") that it did not already own.
- Pursuant to the Transaction, former SEA Electric stockholders received 31.463 common shares of Exro ("Common Shares") and 34.4999 convertible preferred shares of Exro ("Preferred Shares") 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.
- Prior to the closing of the Transaction, Mr. John Bell-Allen beneficially owned, or exercised control or direction over, an aggregate of (A) 878,502 shares of common stock of SEA Electric ("SEA Common Stock"), (B) 15,803 shares of preferred stock of SEA Electric ("SEA Preferred Stock") and (C) 24,133 restricted stock units of SEA Electric (each, a "SEA RSU").