Savaria Corporation announces $55 million public equity offering and $25 million concurrent private placement from CDPQ - Seite 2

The Common Shares issued pursuant to the Offering will be offered in all provinces of Canada pursuant to a short form prospectus to be filed by Savaria. The Common Shares issued pursuant to the Offering will also be offered in the United States by way of private placement to “qualified institutional buyers” in reliance upon the exemption from registration provided by Rule 144A under the U.S. Securities Act of 1933 (the “U.S. Securities Act”), or pursuant to other applicable registration exemptions.

The total net proceeds of the Equity Offerings will be used to reduce indebtedness under the Corporation’s existing revolving credit facility, thereby providing financial flexibility to fund growth initiatives and for general corporate purposes.

“The Equity Offerings will provide Savaria with added flexibility to pursue the Corporation’s future growth objectives while maintaining a strong balance sheet.” - Marcel Bourassa, President and Chief Executive Officer of Savaria.

“With this additional investment, CDPQ is renewing its support for the company to facilitate its expansion and long-term projects,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

Mr. Marcel Bourassa, as well as his children Sébastien, Alexandre and Marie-Pierre, all of whom are actively involved in Savaria, and his brother Jean-Marie Bourassa, a director of Savaria, have each committed to participate in the Offering by purchasing, collectively, $3,509,000 worth of Common Shares, representing 4.4% of the Common Shares to be issued pursuant to the Equity Offerings without giving effect to the exercise of the Over-Allotment Option or the Additional Subscription Option.

The issuance of the Common Shares pursuant to the Equity Offerings is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and any applicable securities regulatory authorities. Closing of the Offering and the Concurrent Private Placement are expected to occur concurrently on or about September 22, 2023. The Offering and the Concurrent Private Placement are conditional upon each other.

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares will not be and have not been registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.