STEER Provides Update on Settlement Agreement with the Ontario Securities Commission - Seite 2

Below is a summary of actions STEER has already taken in response to the inquiry by the OSC. In connection with the OSC’s review of STEER‘s continuous disclosure, the Company voluntarily took the following actions before entering into the Agreement:

• hired internal legal counsel;
• created a special committee of independent directors to investigate and review circumstances related to disclosure issues raised by the OSC during the Continuous Disclosure Review;
• revised its existing disclosure policy, including by having external legal counsel review all of its continuous disclosure;
• changed the composition of its Disclosure Committee to include its internal legal counsel.

“We are pleased to reach this agreement with the OSC. The measures announced today demonstrate our commitment to fulsome and balanced disclosure. We would like to note that, while the Material Time occurred over two years ago, while STEER was a much younger company that was trying to innovate during a global health crisis, we take full responsibility for the Company’s disclosure shortfalls and are determined to institute all necessary measures to ensure compliance moving forward. With this matter behind us, we can direct all our focus to STEER’s exciting future,” said Suman Pushparajah, CEO of STEER.

About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, Restaurant Supply Business, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.