Exro Technologies

Canaccord Genuity Acts as Lead-Left Co-Bookrunner to Exro Technologies Inc. on its C$35 million Bought Deal Offering of Common Shares

Canaccord Genuity is pleased to announce that on May 23, 2023, its client Exro Technologies Inc. (“Exro” or the “Company”) (TSX:EXRO), completed its previously announced bought deal public offering (“Offering”) of 15,525,000 common shares at a price of C$2.25 per share for total gross proceeds of C$34,931,250.

The over-allotment option for an additional 2,025,000 shares was fully exercised, increasing the initial gross proceeds of C$30,375,000 by C$4,556,250.

Exro is a leading clean-technology company, headquartered in Calgary, Alberta, that develops new generation power-control electronics that expand the capabilities of electric motors and batteries.

The Company intends to use the net proceeds of the Offering to meet the capital expenditure and working capital obligations associated with the definitive commercialization agreement with Linamar Corporation (TSX: LNR) and for general working capital purposes.

The Canaccord Genuity team included Andrew Birkby, Julia Raco, Derek Bessette, and Blake Coffey from Investment Banking, with support from Len Sauer, Lily Yu, and Jordan White from Canadian Equity Capital Markets, and Jason Melbourne and Matt Doelman from Canadian Equities and Distribution.