- Exro Technologies (EXRO) has announced a marketed public offering and concurrent private placement for gross proceeds of approximately $10 million
- The company will issue a combined total of up to 9.5 million units for $1.05 per unit
- The brokered and non-brokered offerings are expected to close on or about September 1
- Exro is a clean technology company pioneering intelligent control solutions in power electronics
- Exro Technologies Inc. (EXRO) is up 8.49 per cent on the day, trading at C$1.15 per share at 4 pm ET
Exro Technologies (EXRO) has announced a marketed public offering and concurrent private placement for gross proceeds of approximately $10 million.
The company will issue a combined total of up to 9.5 million units for $1.05 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will be exercisable for one additional common share for a period of 48 months.
Warrants are subject to an acceleration clause.
The net proceeds of the financing will be used to develop key partnerships, R&D investments, manufacturing facilities, working capital and for general corporate purposes.
The agents have been granted an over-allotment option.
Exro has agreed to pay a cash commission of 6 per cent of the aggregate gross proceeds of the brokered offering.
The brokered and non-brokered offerings are expected to close on or about September 1, 2022.
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification.
Exro Technologies Inc. (EXRO) is up 8.49 per cent on the day, trading at C$1.15 per share at 4 pm ET.