Exro Technologies Updates on Interest Payments through Common Shares

CALGARY, AB, Dec. 20, 2024 /PRNewswire/ – Exro Technologies Inc. EXRO EXROF, a top clean-technology firm known for its advanced power control electronics, has announced updates regarding interest payments made through common shares.

According to the terms of the C$15,000,000 secured convertible debentures issued on December 30, 2022, these debentures carry a 12% annual interest rate, with payments due semi-annually starting on June 30, 2023. As of December 20, 2024, 14,950 debenture units are outstanding, and the total interest accrued on these debentures stands at C$897,000. To settle this interest obligation, the Company plans to issue 6,407,141 common shares valued at $0.14 per share to debenture holders. This share price is derived from the volume-weighted average price over the five trading days leading up to December 20, 2024.

Issuing common shares for interest payments follows the conditions of the debentures and requires approvals, including from the Toronto Stock Exchange.

About Exro Technologies Inc.

By acquiring SEA Electric, Exro Technologies Inc. has bolstered its position as a leading clean technology company. The firm specializes in advanced power control electronics, offering solutions such as Coil Driver™, Cell Driver™, and SEA-Drive®. These innovations enhance electric motors and batteries, providing manufacturers with effective e-propulsion solutions. Exro aims to transform energy usage toward a circular electrified economy, achieving significant results with minimal energy expenditure.

For further details, please visit www.exro.com.

To access our Investor Presentation, go to www.exro.com/investors.

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