Exro Technologies

Canaccord Genuity Acts as Financial Advisor to SEA Electric on its Sale to Exro Technologies and Lead Bookrunner on the $30 million Bought Deal Private Placement of Subscription Receipts

Canaccord Genuity is pleased to announce that, on April [5], 2024, its clients, Exro Technologies Inc. (TSX:EXRO) ("Exro") and SEA Electric Inc. ("Sea"), announced the successful closing of a merger agreement pursuant to which Exro has acquired all of the issued and outstanding shares of Sea via share exchange for total consideration of US$300 million (C$402 million).  Pursuant to the merger announcement, Exro successfully closed a bought deal private placement consisting of 31,600,000 subscription receipts of the Company at a price of C$0.95 per subscription receipt for gross proceeds of approximately C$30 million (the “Offering”).

Exro develops power control electronics that expand capabilities of electric motors and batteries through their e-mobility (Coil Driver™) and stationary energy storage (Cell Driver™) products.  Sea has developed a complementary drivetrain system technology.  The acquisition of Sea integrates these complementary platforms and strengthens access to major OEMs through each company’s relationships.

Canaccord Genuity acted as financial advisor to Sea and as lead underwriter and lead bookrunner to Exro in connection with the Offering.