CALGARY, AB, November 27, 2024 – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (“the Company” or “Exro”), a leading clean-technology company specializing in motor-control and electric propulsion system technology, has received notice of a potential class-action lawsuit. A statement of claim has been filed with the Court of King’s Bench in Alberta, though Exro hasn’t yet been officially served but expects this soon.

This proposed securities class action represents investors who bought Exro securities on the secondary or primary market between January 30 and November 13, 2024 (“Class Members”). Exro, its CEO, and board chair are among the defendants. The plaintiff alleges that the merger between Exro Technologies and SEA Electric, finalized April 5, 2024, resulted in investor losses due to misrepresentations in a material change report filed January 30, 2024. The plaintiff seeks class action certification, to be named class representative, a declaration that the January 30, 2024, report contained misrepresentations, and compensation for Class Members.

Exro contests these claims and plans a robust defense.

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc. is a leading clean technology company that develops next-generation power control electronics enhancing the efficiency of electric motors and batteries. Its innovative technologies improve the performance-cost ratio in e-mobility (Exro Coil Driver®) and stationary energy storage (Exro Cell Driver®), accelerating the adoption of a circular electrified economy by maximizing output while minimizing energy use.

For more information visit our website at 

To view our Corporate Presentation visit us at

Visit us on social media @exrotech.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This release includes forward-looking statements subject to applicable securities laws. All statements, except historical facts, are forward-looking. These statements, often using terms like “plans,” “expects,” “estimates,” “intends,” “anticipates,” or “believes,” or variations, involve risks and uncertainties detailed in the “Risk Factors” section and other filings with Canadian securities regulators. Actual results may differ materially from those expressed or implied. While the Company believes the assumptions underlying these statements are reasonable, actual results may vary. Readers shouldn’t over-rely on these statements, which are only current as of this release. Except as legally required, the Company won’t update any forward-looking statement.

This information is qualified by cautionary statements and risk disclosures in the Company’s filings with Canadian securities regulators, including its annual information form for the fiscal year ended December 31, 2022, and financial statements and related MD&A for the fiscal year ended December 31, 2022, filed with securities regulators in certain Canadian provinces and available at . Should any risks or uncertainties materialize, or assumptions prove incorrect, actual results could significantly differ from those described. While the Company has attempted to identify important risks and uncertainties, others may exist. The Company has no obligation to update this forward-looking information unless legally required.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for this press release’s accuracy.

SOURCE Exro Technologies Inc.