Exro Technologies Inc

Updates

November 19, 2025: Please review HERE for an update in relation to this class action.

November 4, 2025: The Class Action Plaintiffs have filed a claim against the members of the Special Committee of the Board of Directors of Exro in relation to its acquisition of SEA Electric, as well as Exro’s majority shareholder at the relevant time, Vestcor Inc.

September 29, 2025: The proposed class definition in this matter has been expanded to include all individuals who invested in securities of Exro Technologies up to and including September 17, 2025 and suffered an investment loss. Please see below for class membership criteria.

Summary

KND Complex Litigation and the Alberta-based law firm of Baker Law Firm are Counsel to the plaintiffs in this proposed securities class action. The action has been brought against Exro Technologies Inc. (“Exro Technologies”), certain of its directors and officers and certain financial institutions that underwrote Exro Technologies’ public offerings of its securities carried out in January and September 2024.

This action arises out of a merger transaction between Exro Technologies and SEA Electric. This transaction was announced on January 30, 2024, and it was completed on or about April 5, 2024. In connection with this transaction, Exro Technologies represented that the combined entity had a “strong order book,” and would achieve over $200 million in revenue in 2024.

On November 13, 2024, Exro Technologies reported its results for the third quarter of 2024, and disclosed that it would at best achieve a revenue of $28 million in 2024. It also announced that it was recording a loss of $225.95 million, inclusive of impairment expenses of $211 million in relation to the write-down of goodwill and intangible assets in relation to SEA Electric division of its business.

The action alleges that the defendants falsely represented that the combined company would have a “strong order book”, and would achieve a revenue of over $200 million in 2024. A “strong order book” did not exist, or it was legally unenforceable and/or non-binding. The defendants’ representation that Exro Technologies would achieve a revenue of over $200 million in 2024 was delusional.

Class Membership Criteria

This claim has been brought and it is being pursued on behalf of a proposed class of investors defined as follows:

1. All persons and entities whose votes were solicited by Exro in relation to the merger transaction;
2. All persons and entities who held securities of Exro as of September 17, 2025, when trading in Exro’s securities was halted;
3. All persons and entities who acquired securities of Exro in the primary market pursuant to the equity raise transactions carried out in January and September 2024; and
4. All persons and entities who acquired securities of Exro in the secondary market between January 30, 2024 and September 17, 2025; and in each case, suffered a damage or loss on their investments.

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