News Summary

Exro Technologies, a Calgary-based electric vehicle tech company, is undergoing significant changes as CEO Sue Ozdemir resigns amidst a strategic restructuring. The company recently laid off 60 employees to conserve cash, and its stock has plummeted to two cents per share. Ozdemir will remain on Exro’s board of directors while Chris Rankin, a strategic advisor, has been appointed as the Chief Restructuring Officer. Rankin’s experience includes guiding companies through financial turbulence, similar to his past role at Bird. Exro is also facing a proposed class-action lawsuit for allegedly misrepresenting revenue projections. The company is currently exploring potential buyers for its intellectual property and technology as part of an ongoing strategic review process.