- Exro Technologies has submitted an initial application to list
on the Nasdaq.
- Pursuing a Nasdaq listing supports Exro's expansion plans to
gain global presence and is expected to increase Exro's visibility
in the marketplace, diversify its shareholder base, and strengthen
long-term shareholder value.
- Exro's common shares will continue to trade on the OTCQB until
Nasdaq approval and up-listing.
CALGARY, AB, Nov. 8, 2021 /CNW/ - Exro Technologies Inc. (TSX:
EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading
clean technology company that has developed a new class of power
electronics for electric motors and batteries, announced today that
it has submitted an initial application to list on The Nasdaq Stock
Market LLC ("Nasdaq").
Pursuing a Nasdaq listing enables the Company to accelerate its
business strategy in the United
States and attract institutional and retail investors, while
enhancing shareholder value. This initiative follows the Company's
U.S. headquarters in Mesa, Arizona
announcement to further develop next-generation power electronics
and aligns with its expansion plans to gain global presence.
"This year, the Exro team has made significant breakthroughs in
bringing new solutions for electrification to market, "said
Sue Ozdemir, Chief Executive Officer
of Exro. "Listing on the Nasdaq, the second-largest stock exchange
in the world, will be an important step in growing Exro's brand and
visibility while improving shareholder value as we progress on our
journey to commercialization."
The listing of the Exro's common shares on Nasdaq remains
subject to the review and approval of the listing application and
the satisfaction of all applicable listing and regulatory
requirements, including approval of a registration statement to be
filed by the Company with the U.S. Securities and Exchange
Commission. Exro's common shares will continue to trade on the
OTCQB under the ticker symbol "EXROF" until Nasdaq approval and
up-listing. Exro will continue to maintain the listing of its
common shares on the Toronto Stock Exchange under the trading
symbol "EXRO".
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent
control solutions in power electronics to help solve the most
challenging problems in electrification. Exro has developed a new
class of control technology that expands the capabilities of
electric motors, generators, and batteries. Exro enables the
application to achieve more with less energy consumed.
Exro's advanced motor control technology, the Coil
DriverTM, expands the capabilities of electric
powertrains by enabling intelligent optimization for efficient
energy consumption. Exro is working with many partners from all
over the world to bring their technology to the electric mobility
industries and beyond.
For more information visit our website at www.exro.com.
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects", "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved". Forward-looking statements
regarding Exro and its business include, but are not limited to,
statements with respect to: the potential listing of Exro's shares
on NASDAQ, the timing thereof, the benefits to be provided to the
Company by a NASDAQ listing, opportunities for Exro's growth, Exro
gaining a global presence, Exro's exposure to international
investors and the liquidity of Exro's securities, its plans to file
a Registration Statement with the SEC and any regulatory or other
approvals required in connection therewith. The forward-looking
events and circumstances discussed in this press release may not
occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Exro, including risks relating to the
listing of Exro's securities in the
United States, a shutdown of the
United States government, the NASDAQ listing not providing
Exro with broadened access to international investors or enhance
Exro's liquidity, the Company not expanding globally, which could
result in the Company not having a diversified business platform
for growth, the Company not being well positioned to pursue
additional opportunities for growth, or such opportunities no
longer being available to Exro, risks associated with the
geographic markets in which Exro operates, risks associated with
fluctuations in exchange rates (including, without limitation,
fluctuations in currencies), risks associated with the power
electronics industry and the regulation thereof, the failure to
comply with applicable laws, the failure to obtain regulatory
approvals, economic factors, market conditions, the equity and debt
markets generally, risks associated with growth and competition,
general economic and stock market conditions, risks and
uncertainties detailed from time to time in Exro's filings with the
Securities and Exchange Commission and Canadian Securities
Commissions, the COVID-19 pandemic nationally and globally and the
response of governments to the COVID-19 pandemic in respect of the
operation of retail stores and other risks and many other factors
beyond the control of Exro.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2020, and financial
statements and related MD&A for the financial year ended
December 31, 2020, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.