11:55 AM EDT, 04/05/2024 (MT Newswires) -- Exro Technologies ( EXROF ) on Friday said it completed the US$300-Million acquisition of SEA Electric to add its electric-vehicle control technologies to Exro's ( EXROF ) own offerings in the sector.

The deal was approved at a special meeting of shareholders of Exro ( EXROF ) on Thursday.

Under the terms of the acquisition SEA Electric stockholders receive 31.463 common shares of Exro ( EXROF ) and 34.4999 convertible preferred shares of Exro ( EXROF ) for each SEA share held.

As a result, Exro ( EXROF ) issued about 146.5 million common shares and about 160.6 million preferred shares and SEA Electric became an indirect wholly owned subsidiary of Exro ( EXROF ).

Tony Fairweather, chief executive of SEA Electric, and John MacLeod, a director of SEA Electric, have joined Exro's ( EXROF ) board. Terence Johnsson and Anita Ganti have resigned from the board, the company said.

With the close of the deal, 31.6 million subscription receipts of Exro ( EXROF ) issued under the previously announced bought-deal private placement of subscription receipts were automatically converted into 31.6 million common shares and the net proceeds of about $27.9 million were released to Exro ( EXROF ).

Exro ( EXROF ) plans to use the net proceeds to support the business plan of the combined entity.

Exro ( EXROF ) shares were last seen down C$0.01 to C$0.82 on the Toronto Stock Exchange.

Price: 0.82, Change: -0.01, Percent Change: -1.20