An anonymous director reports

EXRO TECHNOLOGIES LEARNS OF THREATENED LAWSUIT

Exro Technologies Inc. has learned of a threatened class action lawsuit in respect of which a statement of claim has been filed in the Court of the King's Bench, Alberta. Exro has not yet been served with the statement of claim but anticipates this will happen shortly.

The claim is a proposed securities class action on behalf of the investors who purchased the securities of Exro in the secondary market or the primary market between Jan. 30 and Nov. 13, 2024. Exro, its chief executive officer and the chair of Exro's board of directors are among other defendants named in the statement of claim. The plaintiff says that the action arises out of the merger transaction between Exro and SEA Electric, which closed on April 5, 2024, and alleges that the class member incurred damages or losses on investments in Exro securities as a result of misrepresentations contained in a material change report filed by Exro on Jan. 30, 2024. The plaintiff seeks certification of the action as a class action and his appointment as a class representative, a declaration that the Jan. 30, 2024, contains misrepresentations, and a variety of remedies, including an award of damages to the class members.

Exro disputes the allegations contained in the statement of claim, and intends to defend the claim vigorously.

About Exro Technologies Inc.

Exro is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company's innovative technologies serve to bridge the performance-cost gap in e-mobility (Exro Coil Driver) and stationary energy storage (Exro Cell Driver), and act to accelerate adoption toward a circular electrified economy by delivering more with less -- minimum energy for maximum results.

We seek Safe Harbor.