Canadians merge with SEA Electrics

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AUSTRALIAN-based electric vehicle driveline and conversion specialist SEA Electric in conjunction with Canada’s Exro Technologies Inc have announced  the closing of a merger in which Exro acquired all of the issued and outstanding shares of common stock and preferred stock of SEA Electric that it did not already own.

Exro, based in Calgary, Alberta portrays itself online as 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 (Coil Driver) and stationary energy storage (Cell Driver), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.

SEA Electric portrays itself online as “a leading automotive and e-mobility technology company that provides 100 per cent electric drivetrain system technology”. 

SEA Electric has a worldwide presence, deploying products in the USA, Canada, Australia, New Zealand, Thailand, Indonesia, India, and South Africa, collectively achieving more than three million miles of service via independent OEM-testing and real-world operation.

The merger transaction was approved at a special meeting of shareholders of Exro held on earlier this month

Under the terms of the merger, former SEA Electric stockholders received 31.463 common shares of Exro and 34.4999 convertible preferred shares of Exro for each share of SEA stock.

As a result of the transaction, Exro issued an aggregate of 146,453,200 common shares and 160,589,446 preferred shares and SEA Electric became an indirect wholly-owned subsidiary of Exro.

The entity formed by the merger will be known as Exro Technologies Inc. and continue to be listed and traded on the Toronto (Canada) Stock Exchange.

As part of the merger’s terms, the CEO of SEA Electric Tony Fairweather and a director of SEA Electric John MacLeod have joined the board of directors of Exro Technologies Inc while Terence Johnsson and Anita Ganti depart the board.

In addition to and concurrent with the closing of the merger transaction, 31,600,000 subscription receipts of Exro issued before the deal were automatically converted into 31,600,000 common shares and the net proceeds of the offering of approximately $CAD27.85 million ($A31.50 million) were released to Exro and its owners.

SEA Electrics founder and CEO Tony Fairweather said, “After 12 years of hard work by many, SEA Electric continues its journey under the leadership of Exro Technologies Inc. 

“With an exceptional executive team lead by Sue Ozdemir, the stewardship of a proven and experienced board chaired by Rod Copes as well as game-changing technology synergies, we are entering the most exciting phase of this journey.”

By Peter Barnwell

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