Beam Global Executes Binding LOI to Acquire Europe Based Amiga, Announces Pricing of Upsized $22.5 Million Public Offering of Common Stock and Announces Q2 Revenue and Unit Guidance

The planned accretive transaction is intended to expand Beam Global’s business into the European market and increase Beam Global’s production, engineering, sales and product development expertise

• Acquisition expected to increase and diversify revenues and gross profits
• Amiga recorded revenue of over EUR 8.5M in 2022
• Expected to enhance Beam Global’s manufacturing and engineering capabilities
• Expected to accelerate the development of EV Standard and other products both in the European and U.S. markets
• Expected to add new customer segments in both the U.S. & Europe
  

SAN DIEGO, June 19, 2023 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam Global” or the “Company”), a leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced previously the execution of a binding Letter of Intent to acquire European based Amiga DOO Kraljevo (“Amiga”), an established manufacturer of specialized structures and equipment, producing street lights, communications and energy infrastructure whose manufacturing, engineering and sales teams serve municipalities, states and commercial customers in 16 nations. The transaction is pending completion of Beam Global’s due diligence, which will include customary closing conditions, and is expected to be finalized in Q3 or Q4 2023.

Additionally, Beam Global today announced the pricing of an upsized underwritten public offering, as previously announced, of 2,500,000 shares of its common stock at a public offering price of $9.00 per share. Gross proceeds from the offering are expected to be approximately $22.5 million before deducting underwriting discounts, commissions and estimated offering expenses. The offering was not conditioned on the completion of the potential acquisition of Amiga.

Maxim Group LLC and Freedom Capital Markets are acting as joint book-runners for the offering.

Beam Global intends to use the net proceeds from the offering to fund the initial cash portion of the proposed acquisition of Amiga as well as for working capital and other general corporate purposes. Beam Global has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares of common stock. The offering is expected to close on or about June 22, 2023, subject to the satisfaction of customary closing conditions.