Today techs REE Automotive Declares Expiration and Outcomes of Change

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TEL AVIV, Israel, Sept. 23, 2022 (GLOBE NEWSWIRE) — REE Automotive Ltd. (NASDAQ: REE) (“REE” or the “Firm”), an automotive expertise chief and supplier of electrical automobile (EV) platforms, introduced at present the expiration and outcomes of its beforehand introduced change provide (the “Supply”) and consent solicitation (the “Consent Solicitation”) referring to its excellent (i) public warrants to buy Class A peculiar shares of the Firm, with out par worth (the “Class A peculiar shares”), which warrants commerce on the Nasdaq Inventory Market (“Nasdaq”) underneath the image “REEAW” (the “public warrants”), and (ii) associated personal placement warrants to buy Class A peculiar shares (the “personal placement warrants” and, along with the general public warrants, the Warrants”). The Supply and Consent Solicitation expired at midnight (finish of day), Jap Time, on September 22, 2022.

REE has been suggested that roughly 13,065,941 warrants have been validly tendered and never validly withdrawn previous to the expiration of the Supply and Consent Solicitation. REE expects to simply accept all validly tendered warrants for change and settlement on or about October 6, 2022.

As well as, pursuant to the Consent Solicitation, the Firm acquired the approval of roughly 84% of the excellent public warrants and approval of roughly 82% of the excellent personal placement warrants to the modification to the warrant settlement governing the warrants (the “Warrant Modification”), which exceeds 50% of the excellent public warrants and, solely with respect to any modification to the phrases of the personal placement warrants or any provision of the warrant settlement with respect to the personal placement warrants, 50% of the excellent personal placement warrants required to impact the Warrant Modification. Accordingly, the Firm and Continental Inventory Switch & Belief Firm entered into the Warrant Modification, dated September 23, 2022, and the Firm introduced that it’ll train its proper, in accordance with the phrases of the Warrant Modification, to change every warrant that’s excellent upon the closing of the Supply for 0.18 Class A peculiar shares per warrant (the “Submit-Supply Change”). The Firm has fastened the today techs date for the Submit-Supply Change as October 10, 2022, following which, no public or personal placement warrants will stay excellent.

The Firm additionally introduced that its Registration Assertion on Type F-4 filed with the Securities and Change Fee (the “SEC”) registering the Firm’s Class A peculiar shares issuable within the Supply was declared efficient by the SEC on September 21, 2022.

BofA Securities, Inc. was the Seller Supervisor for the Supply and Consent Solicitation, Morrow Sodali LLC served as the knowledge agent for the Supply and Consent Solicitation, and Continental Inventory Switch & Belief Firm served because the change agent for the Supply and Consent Solicitation.

This press launch is for informational functions solely and doesn’t represent a proposal today techs to promote, or a solicitation of a proposal to purchase, the securities described herein and can also be not a solicitation of the associated consents. The Supply and Consent Solicitation have been made solely pursuant to the phrases and circumstances of the Prospectus/Supply to Change and associated letter of transmittal and consent.

Essential Extra Data Filed with the SEC

Copies of the Schedule TO and Prospectus/Supply to Change can be found freed from cost on the web site of the SEC at A registration assertion on Type F-4 referring to the securities to be issued within the Supply was beforehand filed and declared efficient by the SEC on September 21, 2022 (the “Prospectus/Supply to Change”).

About REE

REE Automotive (NASDAQ: REE) is an automotive expertise firm that permits firms to construct any measurement or form of electrical automobile on their modular platforms. With full design freedom, automobiles Powered by REE are geared up with the revolutionary REEcorner, which packs crucial automobile elements (steering, braking, suspension, powertrain and management) right into a single compact module positioned between the chassis and the wheel, enabling REE to construct the trade’s flattest EV platforms with extra room for passengers, cargo and batteries. REE platforms are future proofed, autonomous succesful, provide a low TCO, and drastically scale back the time to marketplace for fleets trying to electrify.

Cautionary Word Concerning Ahead-Trying Statements

This press launch consists of sure forward-looking statements throughout the which means of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements embrace, however will not be restricted to, statements relating to REE or its administration group’s expectations, hopes, beliefs, intentions or methods relating to the long run. As well as, any statements that discuss with projections, forecasts or different characterizations of future occasions or circumstances, together with any underlying assumptions, are forward-looking statements. The phrases “intention” “anticipate,” “seem,” “approximate,” “consider,” “proceed,” “may,” “estimate,” “count on,” “foresee,” “intends,” “might,” “may,” “plan,” “attainable,” “potential,” “predict,” “mission,” “search,” “ought to,” “would” today techs and comparable expressions (or the detrimental model of such phrases or expressions) might determine forward-looking statements, however the absence of those phrases doesn’t imply {that a} assertion just isn’t forward-looking. All statements, aside from statements of historic information, could also be forward-looking statements. Ahead-looking statements on this press launch might embrace, amongst different issues, statements about REE’s strategic and enterprise plans, expertise, relationships, goals and expectations for our today techs enterprise, the influence of traits on and curiosity in our enterprise, mental property or product and its future outcomes, operations and monetary efficiency and situation.

These forward-looking statements are primarily based on data accessible as of the date of this press launch and present expectations, forecasts, and assumptions. Though REE believes that the expectations mirrored in forward-looking statements are affordable, such statements contain unknown variety of dangers, uncertainties, judgments, and different components that will trigger today techs our precise outcomes, efficiency or achievements to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by forward-looking statements. These components are tough to foretell precisely and could also be past REE’s management. Ahead-looking statements on this press launch converse solely as of the date made and REE undertakes no obligation to replace its forward-looking statements, whether or not because of new data, future developments or in any other case, ought to circumstances change, besides as in any other case required by securities and different relevant legal guidelines. In mild of those dangers and uncertainties, traders ought to needless to say outcomes, occasions or developments mentioned in any forward-looking assertion made on this press launch might not happen.

Uncertainties and threat components that would have an effect on REE’s future efficiency and will trigger precise outcomes to vary embrace, however will not be restricted to: REE’s capability to commercialize its strategic plan; REE’s capability to keep up and advance relationships with present Tier 1 suppliers and strategic companions; growth of REE’s superior prototypes into marketable merchandise; REE’s capability to develop and scale manufacturing capability by way of relationships with Tier 1 suppliers; REE’s estimates of unit gross sales, bills and profitability and underlying assumptions; REE’s reliance on its UK Engineering Middle of Excellence for the design, validation, verification, testing and homologation of its merchandise; REE’s restricted working historical past; dangers related to plans for REE’s preliminary industrial manufacturing; REE’s dependence on potential suppliers, a few of which will likely be single or restricted supply; growth of the marketplace for industrial EVs; intense competitors within the e-mobility space, together with with rivals who’ve considerably extra sources; dangers associated to the truth that REE is integrated in Israel and ruled by Israeli legislation; REE’s capability to make continued investments in its platform; the influence of the continuing COVID-19 pandemic and some other worldwide well being epidemics or outbreaks that will come up; and adversarial world circumstances, together with macroeconomic and geopolitical uncertainty; the necessity to entice, prepare and retain highly-skilled technical workforce; adjustments in legal guidelines and rules that influence REE; REE’s capability to implement, shield and preserve mental property rights; REE’s capability to retain engineers and different extremely certified workers to additional its targets; the shortcoming of REE to efficiently or well timed consummate the warrant change, together with with respect to its capability to acquire the requisite approval of the holders of REE’s warrants; and different dangers and uncertainties set forth in sections entitled “Danger Components” and “Cautionary Word Concerning Ahead-Trying Statements” in REE’s Annual Report on Type 20-F filed with the SEC on March 28, 2022, REE’s Prospectus/Supply to Change and in subsequent filings with the SEC.

Investor Relations
Limor Gruber
VP Investor Relations | REE Automotive

Kamal Hamid
VP Investor Relations | REE Automotive
+1 303-670-7756

Caroline Hutcheson
Head of World Communications | REE Automotive

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