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Exro Technologies - CEO, Sue Ozdemir - The Market Herald Canada
CEO, Sue Ozdemir
Source: Forbes
  • Exro Technologies (EXRO) has announced plans for a public offering, for proceeds between C$30 million and $36.5 million
  • With help from a syndicate of agents and bookrunners, the company will issue shares at a price of $3.25 each
  • Exro Technologies expects the offering to close around December 8, 2020
  • The proceeds will fund further research and development of the company’s intelligent battery management system and electric vehicle programs
  • Exro Technologies is up 0.68 per cent, and is currently trading for $4.47 per share

Exro Technologies (EXRO) has announced plans for a public offering, for proceeds between C$30 million and $36.5 million.

The company first announced its intentions for a capital raise yesterday, and followed up today with details about the pricing of the offering’s common shares. Through the offering, Exro Technologies will issue its shares at a price of $3.25 per share. 

The company’s offering is being conducted on a “best efforts” agency basis, by a syndicate of agents and bookrunners. The syndicate is being led by co-lead agents and bookrunners Raymond James Ltd and Gravitas Securities, and includes Eight Capital and Haywood Securities.

Exro Technologies has agreed to grant these agents an over-allotment option, for the purchase of up to an additional 15 per cent of shares sold through the offering. The agents may exercise this option in part or in whole, at their discretion, at any time within 30 days of the offering’s closing date.

The company expects the offering to close around December 8, 2020, or another date which it and the agents agree upon. The closing is subject to the customary closing conditions, such as execution of an agency agreement, and regulatory approval from the TSX Venture Exchange.

Exro Technologies will primarily use the $30 million to $36.5 million in proceeds for its efforts in research and development. This refers in particular to further research and development of the company’s intelligent battery management system, and micro, light, and commercial electric vehicle programs.

Some funds may also go towards marketing, capital investments, and general working capital requirements.

Exro Technologies is up 0.68 per cent and trading for C$4.47 per share, as of 3:15pm EST.


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