- Exro Technologies Inc. (EXRO) has closed its $8.31 million brokered public offering and updated a concurrent financing deal
- Exro is a clean technology company creating control solutions in power electronics
- it intends to use the net proceeds from the offering to support its growth plans, working capital, and for general corporate purposes.
- It also provided an update on the anticipated timing for closing its concurrent non-brokered private placement which is now expected to close by September 15
- Exro Technologies Inc. (EXRO) is down 4.04 per cent and is trading at. $0.95 per share as of 3:34 p.m. ET
Exro Technologies (EXRO) has closed its previously announced $8.31 million public offering and updated a concurrent financing deal.
Exro is a clean technology company creating intelligent control solutions in power electronics to help solve challenging problems in electrification.
The company stated it sold 7.92 million units at a price of $1.05 per unit with each unit consisting of one common share and one share purchase warrant of Exro. Each Warrant entitles the holder to acquire an additional common share at an exercise price of $1.36 for two years after the offer has closed.
Exro shared it intends to use the net proceeds from the offering to support its growth plans, working capital, and for general corporate purposes.
“Between the brokered public offering closing today, and the concurrent non-brokered private placement set to close near mid-September, the company is through our $10 million target… continue our mission to deliver transformative technology to customers that differentiates their product offerings from the competition while bridging the cost-performance gap,” Sue Ozdemir, CEO of Exro, said.
The company also provided an update on the anticipated timing for closing its concurrent non-brokered private placement which is now expected to close by September 15.
Exro Technologies Inc. (EXRO) is down 4.04 per cent and is trading at. $0.95 per share as of 3:34 p.m. ET.
