Energy Plug Announces Closing of Warrant Incentive Program

Vancouver, British Columbia–(Newsfile Corp. – May 24, 2024) – Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) (“Energy Plug” or the “Company”), is pleased to announce the closing of its early exercise warrant program (the “Program”) ), as previously announced by the Company in its press release dated May 7, 2024 (the “Initial Press Release”), regarding 15,900,000 share subscription warrants issued as part of the Company’s private placement completed on May 16 2023 (the “Eligible Warrants”).

Under the Program, the Company offered, to each holder of Eligible Warrants (the “Warrant Holders”) who exercise the Eligible Warrants on or before the expiration date of May 16, 2024, the issuance of one-half of one common share purchase warrant for each Eligible Warrant exercised (each, one-half “Incentive Warrant”). Each whole Incentive Warrant entitles the holder of the Warrant to purchase one common share of the Company (each, a “Share”) for a period of 12 months beginning on May 16, 2024, at a price of $0.075 per share.

Pursuant to the program, a total of 2,900,000 eligible warrants were exercised for total gross proceeds of $217,500. 1,200,000 eligible warrants were exercised before May 7, 2024 and 1,700,000 eligible warrants were exercised after May 7, 2024. As a result, the Company issued a total of 2,900,000 common shares in the capital of the Company (each, a “Share”) and 1,450,000 common share purchase warrants (each, an “Incentive Warrant”). Each Incentive Warrant entitles the holder of the Warrants to purchase one common share of the Company (each, a “Share”) for a period of 12 months beginning on May 16, 2024, at a price of $0.075 per Share.

Energy Plug plans to use the proceeds from the exercise of any eligible warrants for working capital purposes. For more information on the program, please see the initial press release.

The incentive warrants, and any securities that may be issued upon their exercise, are subject to a hold period of four months from the date of issuance in accordance with applicable Canadian securities laws, in addition to other restrictions that may apply under applicable securities laws of outside jurisdictions. from Canada.

Forward-looking information

This press release contains forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “will”, “proposes”, “expects”, “seeks”, “estimates”, “has ‘intends’, ‘anticipates’. ” or “believes”, or variations (including negative and grammatical variations) of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “could” or “will be “taken, occur or be achieved. Such information and statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this press release and include, without limitation, statements regarding discussions on future plans, estimates and forecasts and statements as to the expectations and intentions of management with respect to, among other things: the intended use of any proceeds collected under the Program.

These forward-looking statements involve numerous risks and uncertainties and actual results may differ materially from the results suggested in the forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain required regulatory approvals for the Program from the CSE; market uncertainty; and the Company’s inability to use the program proceeds as intended.

In making the forward-looking statements contained in this press release, the Company has applied several material assumptions, including, without limitation, that: The Company will be able to use the proceeds of the Program as intended.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results are not those anticipated, estimated or expected. . There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that the forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact details

Energy Plug Technologies Corp.
Broderick Gunning
President and CEO
[email protected]

Investor Relations
Renmark Financial Communications Inc.
1900 – 130 King Street West, Toronto, Ontario M5X 1E3
John Boidman: [email protected]
Such. : (416) 644-2020 or (212)-812-7680
www.renmarkfinancial.com

Media contact
Perri Burrage
Account Manager, DGPR
+1587 577 1337
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210589