03:57 PM EDT, 09/04/2024 (MT Newswires) -- Exro Technologies Inc. ( EXROF ) , a clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, was at last look up more than 5% to $0.41 as it commenced a marketed public offering of up to 85.715 million units, at a price of $0.35 per unit, for aggregate gross proceeds of up to approximately $30 million.

A statement noted each unit shall consist of one common share of the company and one-half of one share purchase warrant, with each warrant exercisable to acquire one additional share at a price of $0.42 per warrant share for a period of 36 months following the issuance date of the warrants. The company anticipates that the warrants will be governed by a warrant indenture to be entered into between the company and Odyssey Trust Company, as warrant agent, on or before the Closing Date.

The company has agreed to grant the agents an option to increase the size of the Offering by up to 12,857,250 units, shares, warrants, or any combination thereof, exercisable in whole or in part at any time for a period of 30 days after the Closing Date.

It is anticipated that the net proceeds of the offering will be used for working capital (primarily inventory and parts), SG&A and for general corporate purposes. The proceeds of this offering are intended to fund the company through to cash flow positive in 2025.

The offering is expected to close on or about September 11, 2024 and is subject to customary closing conditions.

Price: 0.41, Change: +0.02, Percent Change: +5.13