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Exro Technologies Learns of Threatened Lawsuit

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Exro Technologies (TSX: EXRO, OTCQB: EXROF) has learned of a threatened class action lawsuit filed in the Court of King's Bench, Alberta. The proposed securities class action represents investors who purchased Exro securities between January 30 and November 13, 2024. The lawsuit, which names Exro, its CEO, and board chair as defendants, relates to the merger with SEA Electric that closed on April 5, 2024. The plaintiff alleges misrepresentations in Exro's January 30, 2024 material change report led to investor losses. The company disputes these allegations and plans to defend against the claim.

Exro Technologies (TSX: EXRO, OTCQB: EXROF) ha appreso di una minaccia di azione legale collettiva presentata presso la Corte del King's Bench, in Alberta. La proposta di azione legale di classe sui titoli rappresenta gli investitori che hanno acquistato titoli Exro tra il 30 gennaio e il 13 novembre 2024. La causa, che nomina Exro, il suo CEO e il presidente del consiglio come imputati, riguarda la fusione con SEA Electric, chiusa il 5 aprile 2024. Il ricorrente sostiene che dichiarazioni fuorvianti nel rapporto di cambiamento materiale di Exro del 30 gennaio 2024 hanno portato a perdite per gli investitori. L'azienda contesta queste accuse e prevede di difendersi contro il reclamo.

Exro Technologies (TSX: EXRO, OTCQB: EXROF) se ha enterado de una amenaza de demanda colectiva presentada en el Tribunal del King's Bench, Alberta. La propuesta de acción colectiva por valores representa a los inversores que adquirieron valores de Exro entre el 30 de enero y el 13 de noviembre de 2024. La demanda, que nombra a Exro, su CEO y el presidente de la junta como demandados, se relaciona con la fusión con SEA Electric, que se cerró el 5 de abril de 2024. El demandante alega que las tergiversaciones en el informe de cambio material de Exro del 30 de enero de 2024 llevaron a pérdidas para los inversores. La empresa disputa estas acusaciones y planea defenderse contra la reclamación.

Exro Technologies (TSX: EXRO, OTCQB: EXROF)는 앨버타의 킹스 벤치 법원에 제기된 집단 소송 위협에 대해 알게 되었습니다. 제안된 증권 집단 소송은 2024년 1월 30일부터 11월 13일 사이에 Exro 증권을 구매한 투자자들을 대표합니다. 이 소송은 Exro, CEO 및 이사회 의장을 피고로 명명하며, 2024년 4월 5일에 완료된 SEA Electric과의 합병과 관련이 있습니다. 원고는 Exro의 2024년 1월 30일자 중요 변경 보고서에서의 허위 진술이 투자자 손실로 이어졌다고 주장하고 있습니다. 회사는 이러한 혐의를 반박하며 청구에 대해 방어할 계획입니다.

Exro Technologies (TSX : EXRO, OTCQB : EXROF) a appris l’existence d'une menace d'action en justice collective déposée au Tribunal du King's Bench, en Alberta. L'action en justice de valeurs proposée représente les investisseurs qui ont acheté des titres d'Exro entre le 30 janvier et le 13 novembre 2024. La plainte, qui nomme Exro, son PDG et le président du conseil d'administration comme défendeurs, concerne la fusion avec SEA Electric qui a été conclue le 5 avril 2024. Le plaignant allègue que des déclarations trompeuses dans le rapport de changement matériel d'Exro du 30 janvier 2024 ont entraîné des pertes pour les investisseurs. L'entreprise conteste ces allégations et prévoit de se défendre contre cette réclamation.

Exro Technologies (TSX: EXRO, OTCQB: EXROF) hat von einer angedrohten Sammelklage erfahren, die beim Court of King's Bench in Alberta eingereicht wurde. Die vorgeschlagene Sammelklage im Wertpapierbereich vertritt Investoren, die zwischen dem 30. Januar und dem 13. November 2024 Exro-Wertpapiere erworben haben. Die Klage, die Exro, seinen CEO und den Vorsitzenden des Vorstands als Beklagte benennt, bezieht sich auf die Fusion mit SEA Electric, die am 5. April 2024 abgeschlossen wurde. Der Kläger behauptet, dass falsche Angaben im materiellen Änderungsbericht von Exro vom 30. Januar 2024 zu Verlusten für die Anleger geführt haben. Das Unternehmen bestreitet diese Anschuldigungen und plant, sich gegen die Klage zu verteidigen.

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  • Facing potential class action lawsuit over alleged misrepresentations
  • Legal action could result in financial damages and reputational harm
  • Lawsuit targets company leadership including CEO and board chair

CALGARY, AB, Nov. 27, 2024 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, has learned of a threatened class action lawsuit in respect of which a statement of claim has been filed in the Court of the King's Bench, Alberta. Exro has not yet been served with the statement of claim but anticipates this will happen shortly.

The claim is a proposed securities class action on behalf of the investors who purchased the securities of Exro in the secondary market or the primary market between January 30 and November 13, 2024 (the "Class Members"). Exro, its CEO and the chair of Exro's board of directors are among other defendants named in the statement of claim. The plaintiff says that the action arises out of the merger transaction between Exro Technologies and SEA Electric which closed on April 5, 2024, and alleges that the Class Member incurred damages or losses on their investments in Exro securities as a result of misrepresentations contained in a material change report filed by Exro on January 30, 2024. The plaintiff seeks certification of the action as a class action and his appointment as a class representative, a declaration that the January 30, 2024, contains misrepresentations, and a variety of remedies including an award of damages to the Class Members.

Exro disputes the allegations contained in the statement of claim, and intends to defend the claim vigorously.

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc. is 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 (Exro Coil Driver®) and stationary energy storage (Exro Cell Driver®), and act to accelerate 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, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, 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 that 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.

FAQ

What is the class action lawsuit against Exro Technologies (EXROF) about?

The lawsuit alleges misrepresentations in Exro's January 30, 2024 material change report regarding the SEA Electric merger, claiming investors suffered losses between January 30 and November 13, 2024.

When did the Exro Technologies (EXROF) merger with SEA Electric close?

The merger between Exro Technologies and SEA Electric closed on April 5, 2024.

Who are the defendants in the Exro Technologies (EXROF) class action lawsuit?

The defendants include Exro Technologies, its CEO, and the chair of Exro's board of directors.

EXRO TECHNOLOGIES INC

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