EXRO:CC - InvestorNewsBreaks - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) Provides Update on Convertible Debentures Interest Payment
Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that provides proprietary motor-control and complete electric-propulsion system technology for e-mobility, is reporting details on interest payments due this month; the payment details are in regard to Exro’s outstanding C$15 million convertible debentures issued in December 2022. According to the announcement, the debentures bear interest at 12% per annum and are payable semiannually in arrears beginning on June 30, 2023. “As of June 24, 2023, the company has 14,950 debenture units outstanding, and an aggregate amount of interest owing on the debentures payable of C$897,000,” stated the company in the press release. “The company has elected to issue 1,794,000 common shares in the capital of the company at a deemed price of $0.50 to the debenture holders as payment for the interest. Pursuant to the debentures, the deemed issue price per common share is calculated based on the volume weighted average trading price of the common shares for the five trading days immediately prior to June 24, 2024.”
To view the full press release, visit https://ibn.fm/px59N
About Exro Technologies Inc.
Exro Technologies, now expanded through the strategic acquisition of SEA Electric, is a leading clean-technology company that has developed new-generation power control electronics. The company’s innovative suite of solutions, including Coil Driver(TM) motor control, Cell Driver(TM) energy-storage system and SEA-Drive(R) propulsion system, expand the capabilities of electric motors and batteries and offer users a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption toward a circular electrified economy by delivering more with less — minimum energy for maximum results. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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