08:53 AM EDT, 09/13/2024 (MT Newswires) -- Exro Technologies ( EXROF ) said Friday that it raised $25 million after closing a unit offering priced at $0.35 apiece.

The company will use the proceeds to boost growth in deliveries of its propulsion system technologies to commercial vehicle original equipment manufacturers, as well as coil driver innovation programs with major players in the passenger vehicle segment.

Exro ( EXROF ) said the proceeds will fund the company through to cash flow positive in 2025.

Under the offering, each unit consists of one share and one-half of one warrant. Each warrant is exercisable at $0.42 per share for 36 months.

The company's share price fell 7.5% yesterday to $0.31.