Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company focused on developing new-generation, power-control electronics that expand the capabilities of electric motors and batteries, is reporting that Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co. LLC are both recommending that Exro shareholders vote in favor of the Share Issuance Resolution at the company’s upcoming shareholder meeting. ISS and Glass, Lewis & Co. LLC are leading independent proxy advisors. The meeting, which is being held in regard to the proposed merger with SEA Electric Inc., is scheduled for April 4, 2024. According to the report, ISS anticipates the combination will create synergies, enhance scale and provide human-capital benefits through the leadership and expertise of senior executives of each entity, while Glass Lewis noted that the board had presented a sufficient case to support the idea that the transaction presents an attractive strategic opportunity to combine complementary products and benefit from synergies. A vote in favor of the resolution will authorize Exro to issue up to 398,549,647 aggregate common shares and 10,000,000 additional Exro common shares based on an agreement and plan of merger; a vote in favor also authorizes Exro to issue 31,600,000 underlying common shares of Exro on conversion of the subscription receipts. “We are pleased that the two leading proxy advisory firms, ISS and Glass Lewis, have recommended our shareholders vote ‘FOR’ the Share Issuance Resolution, which we believe will deliver value for our shareholders,” said Exro CEO Sue Ozdemir in the press release. “We urge all shareholders to cast their votes in favor of the Share Issuance Resolution ahead of the April 2, 2024 , voting deadline.”
To view the full press release, visit https://ibn.fm/jDkY2
About Exro Technologies Inc.
Exro Technologies is a leading clean-technology company that has developed new-generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility — Exro’s Coil Driver(TM) — and stationary energy storage — Exro’s Cell Driver (TM) — and act to accelerate adoption toward a circular electrified economy by delivering more with less, minimum energy for maximum results. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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