Savaria Corporation Completes $92 million Equity Offerings of Common Shares

Not for dissemination in the United States or through any wire service in the United States

LAVAL, Québec, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Savaria Corporation (“Savaria” or the “Corporation”) (TSX: SIS), a global leader in the accessibility industry, is pleased to announce that it has completed its previously announced issue and sale of common shares (“Common Shares”) pursuant to a public offering (the “Offering”) and a concurrent private placement with CDPQ (the “Concurrent Private Placement”, and collectively with the Offering, the “Equity Offerings”) for aggregate gross proceeds to the Corporation of $92,029,325, which included the full exercise of the over-allotment option granted to the underwriters of the Offering and the additional subscription option granted to 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 participated in the Offering by purchasing, collectively, $3,499,981 worth of Common Shares, representing 3.8% of the Common Shares issued pursuant to the Equity Offerings.

The Offering was completed by way of a short form prospectus dated September 15, 2023 in all of the provinces of Canada by a syndicate of underwriters led by National Bank Financial Inc., co-led by Desjardins Securities Inc., Scotiabank and TD Securities Inc., and which included Cormark Securities Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc., iA Private Wealth Inc. and PI Financial Corp.

The total gross proceeds from the Offering to the Corporation were $63,264,950 and the total gross proceeds from the Concurrent Private Placement to the Corporation were $28,764,375.

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.

“We are very pleased with the success of this equity financing, which will provide further flexibility to finance Savaria’s growth in the years to come. On behalf of Savaria, I would like to thank our investors for their continued support,” stated Mr. Marcel Bourassa, Savaria’s President and Chief Executive Officer.

No securities regulatory authority has either approved or disapproved the contents of this press release. The Common Shares issued under the Equity Offerings have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the Common Shares may not be offered or sold, pledged or otherwise transferred within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the U.S., nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.