PALO ALTO, Calif., April 08, 2019 (GLOBE NEWSWIRE) -- Tesla, Inc. today announced that it has extended the
expiration of its previously announced offer, through its direct wholly-owned subsidiary Cambria Acquisition Corp., a Delaware
corporation, to acquire each outstanding share of common stock of Maxwell Technologies, Inc.
The offer is now scheduled to expire at 11:59 p.m., Eastern time, on May 15, 2019, unless it is further extended
or earlier terminated in accordance with the merger agreement. The offer, as previously extended, was scheduled to expire at 11:59
p.m., Eastern time, on April 10, 2019. Tesla is extending the offer, so that its expiration is no earlier than the filing of
Tesla’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 with the Securities and Exchange Commission. The closing
of the offer remains subject to customary closing conditions, including the effectiveness of the registration statement of which
the prospects/offer to exchange forms a part. All other terms and conditions of the tender offer remain unchanged.
The depositary of the offer has advised that, as of 5:00 p.m., Eastern time, on April 5, 2019, a total of
approximately 6,934,135 shares of Maxwell common stock had been validly tendered and not validly withdrawn in the offer.
Forward-Looking Statements
This communication contains forward-looking statements that involve risks and uncertainties. These
forward-looking statements are based on current expectations, estimates and forecasts, as well as the beliefs and assumptions of
Tesla’s management, and are subject to risks and uncertainties that are difficult to predict. Many factors could cause actual
results or events to differ materially from those anticipated, including: risks and uncertainties discussed in this communication
and those matters described under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” of Tesla’s Annual Report on Form 10-K for the year ended December 31, 2018, subsequent Reports
on Form 8-K, the Schedule TO relating to the offer and other filings Tesla makes with the Securities and Exchange Commission. We
may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place
undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements.
Additional Information and Where to Find It
This communication is neither an offer to purchase nor a solicitation of an offer to sell shares of Maxwell. On
February 20, 2019, Tesla filed with the SEC a Tender Offer Statement on Schedule TO and a Registration Statement on Form S-4 and
Maxwell filed with the SEC the Solicitation/Recommendation Statement on Schedule 14D-9, each as subsequently amended. Maxwell’s
stockholders are urged to read the offer materials (including the prospectus/offer to exchange and the related letter of
transmittal) because they contain important information that stockholders should consider before making any decision regarding
tendering their shares.
The offer materials are available for free at the SEC’s web site at www.sec.gov. Copies of the offer materials
and Schedule 14D-9 may also be obtained free of charge from Georgeson LLC, the information agent for the offer, by writing
Georgeson LLC, 290 Avenue of the Americas, 9th Floor, New York, NY 10104, or by calling toll free at (888) 643-8150.
Investor Relations Contact: ir@tesla.com Press Contact: press@tesla.com
