Clarification on Recent Sale of Shares by SES Management
May 03 2023 - 9:31AM
Business Wire
SES AI Corporation (NYSE: SES), headquartered in Boston, is a
global leader in the development and manufacturing of
high-performance lithium-metal (Li-Metal) rechargeable batteries
for electric vehicles (EVs) and other applications.
SES recently celebrated its 11-year anniversary and its 1-year
anniversary since listing on the New York Stock Exchange (NYSE). As
a result, a portion of restricted stock units (RSUs) that were
granted to management shortly after listing recently vested,
creating a tax liability for some officers of the company. After
the market closed on May 2, several members of SES management filed
Form 4s, which are a statement of change in beneficial ownership in
SES, including CEO Qichao Hu. The transactions reported on these
Form 4s were carried-out pursuant to an automatic “sell-to-cover”
instruction for the applicable withholding taxes on the vested
RSUs. Proceeds from the share sales were collected by SES for the
sole purpose of covering the aforementioned tax liabilities.
“I have no intention to sell shares in SES and have never sold a
single share in SES aside for paying taxes due on vesting RSUs. We
continue to make incredible progress on our Li-Metal battery cells
and I look forward to providing an update on our business when we
report our first quarter earnings after market close on May 8”,
said Founder and CEO Qichao Hu.
About SES
SES is a global leader in the development and production of
high-performance Li-Metal rechargeable batteries for EVs and other
applications. Founded in 2012, SES is an integrated Li-Metal
battery manufacturer with strong capabilities in material, cell,
module, AI-powered safety algorithms and recycling. Formerly known
as SolidEnergy Systems, SES is headquartered in Boston and has
operations in Singapore, Shanghai, and Seoul.
SES may use its website as a distribution channel of material
company information. Financial and other important information
regarding SES is routinely posted on and accessible through the
SES’s website at www.ses.ai. Accordingly, investors should monitor
this channel, in addition to following the Company’s press
releases, Securities and Exchange Commission filings and public
conference calls and webcasts. To learn more about SES, please
visit: https://investors.ses.ai
Forward-looking statements
All statements other than statements of historical facts
contained in this press release are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include, without
limitation, statements relating to expectations for future
financial performance, business strategies or expectations for our
business. These statements are based on the beliefs and assumptions
of the management of SES. Although SES believes that its plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, it cannot assure you
that it will achieve or realize these plans, intentions or
expectations. These statements constitute projections, forecasts
and forward-looking statements, and are not guarantees of
performance. Such statements can be identified by the fact that
they do not relate strictly to historical or current facts. When
used in this press release, words such as “anticipate”, “believe”,
“can”, “continue”, “could”, “estimate”, “expect”, “forecast”,
“intend”, “may”, “might”, “plan”, “possible”, “potential”,
“predict”, “project”, “seek”, “should”, “strive”, “target”, “will”,
“would” and similar expressions may identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking.
You should not place undue reliance on these forward-looking
statements. Should one or more of a number of known and unknown
risks and uncertainties materialize, or should any of our
assumptions prove incorrect, our actual results or performance may
be materially different from those expressed or implied by these
forward-looking statements. Some factors that could cause actual
results to differ include, but are not limited to the following:
risks related to the development and commercialization of SES’s
battery technology and the timing and achievement of expected
business milestones; risks relating to the uncertainty of achieving
and maintaining profitability; risks relating to the uncertainty of
meeting future capital requirements; the ability of SES to
integrate its products into electric vehicles (“EVs”) or electric
vertical take-off and landing aircraft (“eVTOLs”); the risk that
delays in the pre-manufacturing development of SES’s battery cells
could adversely affect SES’s business and prospects; potential
supply chain difficulties; the ability of SES to engage target
original equipment manufacturers (“OEMs”) customers successfully
and integrate SES’s products into EVs manufactured by OEM
customers; the ability to obtain raw materials, components or
equipment through new or existing supply relationships; risks
resulting from SES’s joint development agreements and other
strategic alliances and investments; product liability and other
potential litigation, regulation and legal compliance; SES’s
ability to attract, train and retain highly skilled employees and
key personnel; the uncertainty in global economic conditions and
risks relating to health epidemics, including the COVID-19 pandemic
and any operational interruptions; developments in alternative
technology or other fossil fuel alternatives; risks related to
SES’s intellectual property; business, regulatory, political,
operational, financial and economic risks related to SES’s business
operations outside the United States; SES has identified a material
weakness in its internal control over financial reporting and may
identify material weaknesses in the future or otherwise fail to
develop or maintain an effective system of internal controls; the
volatility of SES’s common stock and value of SES’s public
warrants; and the other risks described in “Part I, Item 1A. Risk
Factors” in our annual report on Form 10-K for the fiscal year
ended December 31, 2022 filed with the Securities and Exchange
Commission (“SEC”) on March 16, 2023 and other documents filed from
time to time with the SEC. There may be additional risks that SES
presently knows and/or believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect SES’s expectations, plans or forecasts of future events and
views only as of the date of this press release. SES anticipates
that subsequent events and developments will cause its assessments
to change. However, while SES may elect to update these
forward-looking statements at some point in the future, SES
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing SES’s assessments as of any date subsequent to the
date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230503005612/en/
Investors and Media: Eric Goldstein
ericgoldstein@ses.ai
SES AI (NYSE:SES)
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