- Exro Technologies (TSX:EXRO) has announced it has closed the acquisition of SEA Electric as of Thursday
- SEA shareholders received 31.463 common shares of Exro and 34.499 convertible preferred shares of Exro for each SEA stock
- The combined entities will continue to operate under Exro Technologies
- Shares of Exro Technologies are unchanged at C$0.83
Exro Technologies (TSX:EXRO) has revealed it has closed its acquisition of SEA Electric, an electric vehicle technology company, as of Thursday.
In a news release, the Calgary-based company stated that SEA Electric shareholders will receive 31.463 common shares of Exro and 34.499 convertible preferred shares of Exro for each SEA stock.
According to a previous statement, the merger will make the combined entities a leading e-mobility company valuing SEA Electric at C$402 million.
“We are pleased to announce the merger between Exro and SEA Electric, which unites our complementary EV technology platforms and unlocks substantial opportunities for growth and path to profitability,” Sue Ozdemir, CEO of Exro Technologies, said in a statement. “Our merger with SEA not only creates significant revenue and cost synergies, but positions Exro to amplify its growth with new partners while continuing to develop our existing relationships.”
Now that the merger has been completed, the combined entities will continue operating under the Exro Technologies name.
Additionally, SEA Electric CEO Tony Fairweather director John MacLeod have also joined the board of directors of Exro Technologies while Terence Johnsson and Anita Ganti have resigned from the board of directors.
Founded in Australia in 2012 and with headquarters in the United States, SEA is a global e-mobility technology company.
Exro Technologies is a clean technology company developing new-generation power control electronics, including its e-mobility coil driver and stationary energy storage cell driver.
Shares of Exro Technologies are unchanged at C$0.83.
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