News Summary

Exro Technologies, a Calgary-based electric vehicle technology company, is shutting down its US operations following a decision to cut non-essential staff. This move comes as the company faces potential delisting from the Toronto Stock Exchange (TSX) due to its struggling stock performance, which has seen prices as low as two cents per share. Exro’s CEO, Sue Ozdemir, recently resigned and shifted to the board of directors, while Chris Rankin was appointed as the chief restructuring officer. Amid these challenges, Exro is undergoing a strategic review to find potential buyers for its intellectual property and technology. The company previously secured a $30 million USD loan facility to maintain operations but reported significant losses in its recent earnings. Exro’s stock, which once traded at over $6.50 per share, now faces uncertainty regarding its TSX listing status.