09:11 AM EDT, 09/03/2025 (MT Newswires) -- Exro Technologies ( EXROF ) said Wednesday its strategic review process is "ongoing", with current discussions focused on the potential sale of the company's intellectual property and technology, and the potential sale of certain limited components of the company's business.

"There can be no assurance that any transaction will be completed, and Exro ( EXROF ) will provide further updates if and when any binding agreements are signed," it added.

Exro ( EXROF ) in the same statement said it has taken steps to reduce costs and preserve cash by terminating approximately 60 of its employees, including most of the employees in its Cell Driver and Coil Driver units and several operational support staff in SEA Driver.

The company added it continues to operate with the support of its senior secured lender under the credit facility announced on May 16, 2025, and is in the process of negotiating revised milestones to access the facility which reflect Exro's ( EXROF ) updated cost reduction and repositioning initiatives. Continued access to the facility will, in part, be dependent on the outcome of certain asset sale discussions, it added.

Exro ( EXROF ) has postponed its annual general meeting of shareholders scheduled for September 5, 2025. A new meeting date will be announced when it has been determined.