Wejo Group Limited Enters Into Business Combination with TKB Critical Technologies 1

Wejo Group Limited a global leader in Smart Mobility for Good cloud and software analytics for connected, electric and autonomous mobility, announced that it has entered into a definitive business combination agreement to combine with TKB Critical Technologies 1. The proposed business combination is subject to a number of closing conditions and the parties anticipate that the transaction will close in the second quarter of 2023. Upon closing of the business combination, the combined company will retain Wejo's ticker symbol and will continue to trade on the Nasdaq Stock Market LLC. Through a combination of an anticipated PIPE raise and funds from TKB's trust, Wejo believes that this transaction can raise up to $100 million to fund its growth initiatives and position the company to execute on its strategic goals, and potentially reach cash flow breakeven which is expected by mid-2025. Wejo will continue to work on additional short-term funding initiatives to provide bridge capital until the transaction closes.