11:55 AM EDT, 04/05/2024 (MT Newswires) -- Exro Technologies (EXRO.TO) on Friday said it completed the US$300-Million acquisition of SEA Electric to add its electric-vehicle control technologies to Exro's own offerings in the sector.
The deal was approved at a special meeting of shareholders of Exro on Thursday.
Under the terms of the acquisition SEA Electric stockholders receive 31.463 common shares of Exro and 34.4999 convertible preferred shares of Exro for each SEA share held.
As a result, Exro issued about 146.5 million common shares and about 160.6 million preferred shares and SEA Electric became an indirect wholly owned subsidiary of Exro.
Tony Fairweather, chief executive of SEA Electric, and John MacLeod, a director of SEA Electric, have joined Exro's board. Terence Johnsson and Anita Ganti have resigned from the board, the company said.
With the close of the deal, 31.6 million subscription receipts of Exro issued under the previously announced bought-deal private placement of subscription receipts were automatically converted into 31.6 million common shares and the net proceeds of about $27.9 million were released to Exro.
Exro plans to use the net proceeds to support the business plan of the combined entity.
Exro shares were last seen down C$0.01 to C$0.82 on the Toronto Stock Exchange.
Price: 0.82, Change: -0.01, Percent Change: -1.20