Exro Provides Corporate Update, Postpones Annual General Meeting
Exro Technologies (TSX: EXRO) has announced significant corporate restructuring measures amid ongoing strategic review. The company is currently in discussions for the potential sale of its intellectual property, technology, and certain business components. As part of cost-reduction initiatives, Exro has terminated approximately 60 employees, primarily from its Cell Driver and Coil Driver units, along with SEA Driver operational support staff.
The company continues to operate under its May 2025 credit facility and is negotiating revised milestones to maintain access to funding. Additionally, Exro has postponed its annual general meeting originally scheduled for September 5, 2025, with a new date to be announced later.
Exro Technologies (TSX: EXRO) ha annunciato una riorganizzazione aziendale significativa nel corso della revisione strategica in corso. L'azienda sta trattando la possibile cessione della proprietà intellettuale, della tecnologia e di alcuni rami d'azienda. Nell'ambito delle misure di contenimento dei costi, Exro ha licenziato circa 60 dipendenti, per lo più provenienti dalle unità Cell Driver e Coil Driver, oltre al personale di supporto operativo del SEA Driver.
La società continua a operare con la linea di credito stipulata a maggio 2025 e sta negoziando obiettivi rivisti per mantenere l'accesso ai finanziamenti. Inoltre, Exro ha rinviato la sua assemblea generale annuale prevista originariamente per il 5 settembre 2025; la nuova data sarà comunicata successivamente.
Exro Technologies (TSX: EXRO) ha anunciado una reestructuración corporativa significativa en el marco de su revisión estratégica en curso. La compañÃa está en conversaciones para la posible venta de su propiedad intelectual, tecnologÃa y ciertos componentes del negocio. Como parte de las medidas de reducción de costes, Exro ha terminado la relación laboral de aproximadamente 60 empleados, principalmente de las unidades Cell Driver y Coil Driver, además del personal de soporte operativo del SEA Driver.
La empresa sigue operando bajo su lÃnea de crédito de mayo de 2025 y está negociando hitos revisados para mantener el acceso a la financiación. Además, Exro ha pospuesto su junta general anual originalmente programada para el 5 de septiembre de 2025; la nueva fecha se anunciará más adelante.
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Exro Technologies (TSX: EXRO) a annoncé d'importantes mesures de restructuration dans le cadre de la revue stratégique en cours. La société est en discussions pour la possible vente de sa propriété intellectuelle, de sa technologie et de certains éléments d'activité. Dans le cadre des initiatives de réduction des coûts, Exro a licencié environ 60 employés, principalement issus des unités Cell Driver et Coil Driver, ainsi que du personnel de soutien opérationnel du SEA Driver.
La société continue d'opérer sous sa facilité de crédit de mai 2025 et négocie des jalons révisés pour maintenir l'accès au financement. De plus, Exro a reporté son assemblée générale annuelle initialement prévue le 5 septembre 2025 ; une nouvelle date sera annoncée ultérieurement.
Exro Technologies (TSX: EXRO) hat im Zuge der laufenden strategischen Überprüfung umfangreiche Umstrukturierungsmaßnahmen angekündigt. Das Unternehmen führt Gespräche über einen möglichen Verkauf von geistigem Eigentum, Technologie und bestimmten Geschäftsbereichen. Im Rahmen von Kostensenkungsmaßnahmen hat Exro etwa 60 Mitarbeitende entlassen, überwiegend aus den Einheiten Cell Driver und Coil Driver sowie dem operativen Support-Personal des SEA Driver.
Das Unternehmen arbeitet weiterhin mit seiner Kreditfazilität vom Mai 2025 und verhandelt über angepasste Meilensteine, um den Zugang zu Finanzmitteln zu sichern. Zudem hat Exro seine ursprünglich für den 5. September 2025 geplante Jahreshauptversammlung verschoben; ein neuer Termin wird zu einem späteren Zeitpunkt bekanntgegeben.
- Company maintains support from senior secured lender under existing credit facility
- Strategic review process exploring potential asset sales to preserve value
- Significant workforce reduction with approximately 60 employees terminated
- Uncertain financial position requiring revised credit facility milestones
- Potential sale of core intellectual property and technology assets indicates financial distress
- Operations significantly scaled down across multiple business units
Exro's 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 will provide further updates if and when any binding agreements are signed.
Exro 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 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 updated cost reduction and repositioning initiatives. Continued access to the facility will, in part, be dependent on the outcome of certain asset sale discussions.
The Company 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.
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, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities regulatory authorities in certain provinces of
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of
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SOURCE Exro Technologies Inc.