Exro Provides Update on Facility Milestones
Exro Technologies (TSX: EXRO) has provided an update regarding its previously announced US$30 million credit facility. The company has successfully amended the indenture governing its $15 million Convertible Debentures, securing a first priority security interest for the facility lender. The Convertible Debentures now hold a second priority position, ranking equally with existing secured notes totaling US$70.8 million.
The amendment includes a 120-day standstill period for debenture holders' enforcement rights and was approved by over 66 2/3% of debenture holders. Additionally, Exro has received an extension from July 15 to July 31, 2025, for demonstrating engagement with three strategic partners as part of its ongoing strategic review process.
Exro Technologies (TSX: EXRO) ha fornito un aggiornamento riguardo alla sua linea di credito da 30 milioni di dollari USA precedentemente annunciata. La società ha modificato con successo l'atto costitutivo relativo ai suoi debentures convertibili da 15 milioni di dollari, garantendo al finanziatore della linea di credito un diritto di garanzia di prima priorità. I debentures convertibili occupano ora una posizione di seconda priorità, pari con le note garantite esistenti per un totale di 70,8 milioni di dollari USA.
La modifica prevede un periodo di sospensione di 120 giorni per i diritti di esecuzione dei detentori dei debentures ed è stata approvata da oltre il 66 2/3% dei detentori. Inoltre, Exro ha ottenuto una proroga dal 15 luglio al 31 luglio 2025 per dimostrare l'impegno con tre partner strategici nell'ambito del suo processo di revisione strategica in corso.
Exro Technologies (TSX: EXRO) ha proporcionado una actualización sobre su línea de crédito de 30 millones de dólares estadounidenses anunciada previamente. La compañía ha modificado con éxito el contrato que rige sus bonos convertibles por 15 millones de dólares, asegurando un derecho de garantía de primera prioridad para el prestamista de la línea de crédito. Los bonos convertibles ahora ocupan una posición de segunda prioridad, igualando a los bonos garantizados existentes por un total de 70,8 millones de dólares estadounidenses.
La enmienda incluye un período de suspensión de 120 días para los derechos de ejecución de los tenedores de bonos y fue aprobada por más del 66 2/3% de los tenedores. Además, Exro ha recibido una extensión desde el 15 de julio hasta el 31 de julio de 2025 para demostrar su compromiso con tres socios estratégicos como parte de su proceso de revisión estratégica en curso.
Exro Technologies (TSX: EXRO)는 이전에 발표한 3,000만 달러 신용 시설에 대한 업데이트를 제공했습니다. 회사는 1,500만 달러 전환사채에 대한 약관을 성공적으로 수정하여 신용 시설 대출자에게 우선 담보권을 확보했습니다. 전환사채는 이제 기존 담보 채권 총액 7,080만 달러와 동등한 두 번째 우선순위를 갖습니다.
이 수정안에는 전환사채 보유자의 권리 집행에 대한 120일간의 유예 기간이 포함되어 있으며, 66 2/3% 이상의 보유자들이 승인했습니다. 또한 Exro는 진행 중인 전략 검토 과정의 일환으로 세 개의 전략적 파트너와의 협력 입증 기한을 7월 15일에서 2025년 7월 31일까지 연장받았습니다.
Exro Technologies (TSX : EXRO) a fourni une mise à jour concernant sa facilité de crédit de 30 millions de dollars US annoncée précédemment. La société a réussi à modifier l'acte régissant ses obligations convertibles de 15 millions de dollars, garantissant un droit de sûreté de premier rang pour le prêteur de la facilité. Les obligations convertibles occupent désormais une position de second rang, à égalité avec les billets garantis existants totalisant 70,8 millions de dollars US.
L'amendement inclut une période de suspension de 120 jours pour les droits d'exécution des détenteurs d'obligations et a été approuvé par plus de 66 2/3 % des détenteurs. De plus, Exro a obtenu une extension du 15 juillet au 31 juillet 2025 pour démontrer son engagement auprès de trois partenaires stratégiques dans le cadre de son processus de révision stratégique en cours.
Exro Technologies (TSX: EXRO) hat ein Update zu seiner zuvor angekündigten 30-Millionen-US-Dollar-Kreditfazilität veröffentlicht. Das Unternehmen hat die Bedingungen seiner 15 Millionen US-Dollar Wandelanleihen erfolgreich geändert und dem Kreditgeber der Fazilität ein vorrangiges Sicherungsrecht gesichert. Die Wandelanleihen nehmen nun eine zweite Prioritätsposition ein und stehen gleichrangig mit bestehenden besicherten Schuldverschreibungen in Höhe von 70,8 Millionen US-Dollar.
Die Änderung beinhaltet eine 120-tägige Stillhaltefrist für die Durchsetzungsrechte der Anleihegläubiger und wurde von über 66 2/3 % der Anleihegläubiger genehmigt. Darüber hinaus hat Exro eine Verlängerung vom 15. Juli bis zum 31. Juli 2025 erhalten, um das Engagement mit drei strategischen Partnern im Rahmen seines laufenden strategischen Überprüfungsprozesses nachzuweisen.
- Successfully amended debenture security arrangements to support US$30M credit facility
- Secured approval from over 66 2/3% of debenture holders for the amendments
- Obtained extension for strategic partner engagement milestone to July 31, 2025
- Strategic review process reportedly progressing positively
- Significant debt obligations with US$70.8M in secured notes plus $15M in convertible debentures
- Need for 120-day standstill period suggests potential financial stress
- Required extension for strategic partner milestone indicates possible delays in process
Postponement of Debenture Security
As the Company announced in its May 16, 2025 news release, advances under the Facility require Exro to meet various milestones, one of which was either (1) the postponement of security from a requisite majority of the Company's
The December 30, 2022 indenture governing the Convertible Debentures (the "Indenture") has been amended to provide that the lender under the Facility has a first priority security interest on substantially all of the assets of the Company, and the Convertible Debentures now have a second priority security position, ranking pari passu with previously issued secured notes of the Company in the aggregate amount of US
Exro thanks the Convertible Debenture holders who supported the Company in this initiative.
Strategic Review
The strategic review process described in the Company's May 16, 2025 press release remains active and is progressing positively. The Company has received an extension of the Facility milestone of demonstrating active engagement with three credible strategic partners from July 15 to July 31, 2025.
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at www.exro.com/investors
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 using 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 involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities regulatory authorities in certain provinces of
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of
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SOURCE Exro Technologies Inc.
FAQ
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