Exro: nothing left, and the class action is stayed

Exro Technologies Inc. built power control electronics intended to expand what electric motors and batteries can do, and to support stationary energy storage for commercial and industrial users. It was incorporated in British Columbia, run from Calgary, and traded on the Toronto Stock Exchange as EXRO and over the counter as EXROF, per Report of the Trustee on Preliminary Administration, June 18, 2026, paras. 1–2, 5.

It was delisted on October 30, 2025. Seven months later it was bankrupt with nothing left to realise.

The trustee's account of why

The report sets out four factors the debtors' affairs indicate contributed to the insolvency, and the second and third of them are unusually specific for a document of this kind.

The group began commercial sales in 2024 but, with electric vehicle demand softening, was not self-sustaining and remained heavily dependent on external financing.

Then the policy change: US federal tax credits for new and used electric vehicles were eliminated for vehicles acquired after September 30, 2025 — previously USD $7,500 on a new vehicle and USD $4,000 on a used one. The group's own estimate was that ending the credit would produce a 27% reduction in electric vehicle demand, per Trustee's Report, June 18, 2026, para. 17(b).

With demand falling and input costs rising on higher tariffs, the report records that several major automakers — Honda, General Motors, Nissan, Stellantis, Volkswagen and Ford — announced discontinuations, per Trustee's Report, June 18, 2026, para. 17(c).

And fourth, various lawsuits against the group, including a class action filed on November 27, 2024 against the company and its directors, per Trustee's Report, June 18, 2026, para. 17(d).

A supplier of electric-drive technology whose customers' subsidy disappears on a fixed date is a company whose forecast changes on that date. What the report describes is a business that had begun selling into a market that then contracted by its own estimate by more than a quarter.

The sequence

The collapse ran across two countries in three weeks.

By October 28, 2025 the group had substantially wound down its international operations, terminating the majority of its employees in Canada and the United States. On October 31 the US entities commenced Chapter 7 proceedings. On November 14, Justice Nielsen appointed FTI Consulting Canada Inc. receiver and manager of the three Canadian debtors, per Trustee's Report, June 18, 2026, paras. 3, 18.

Outside the Canadian proceedings sat wholly owned subsidiaries in the United States, United Kingdom, Thailand, Australia and New Zealand, per Trustee's Report, June 18, 2026, para. 4.

The credit bid

The receiver ran a sales solicitation process — broad outreach to strategic and financial purchasers, a virtual data room, solicited bids. It drew multiple expressions of interest and bids, including asset-specific offers and a credit bid from the secured creditor. On evaluation, the receiver determined the credit bid was the highest and best available outcome, and the court approved the transaction on February 9, 2026, per Trustee's Report, June 18, 2026, paras. 7–8.

The consequence is stated without softening: the transaction did not result in any recovery for unsecured creditors, because the secured creditor acquired through a credit bid and was not repaid in full for its other indebtedness, per Trustee's Report, June 18, 2026, para. 10.

Excluded from the sale were cash and cash equivalents, receivables other than those tied to assumed contracts, non-assigned contracts, insurance policies, corporate and financial records, equity interests and certain receivership records. Realisations from those were retained by the receiver for distribution to NBIMC on its secured entitlement, subject to holding back what was needed to fund the administration.

Recoveries from the excluded assets, the trustee reports, have been nominal, per Trustee's Report, June 18, 2026, para. 9.

Discharged and bankrupt on the same day

On May 29, 2026 the court granted FTI discharge and release orders as receiver — and, the same day, adjudged all three companies bankrupt and appointed FTI as trustee, per Trustee's Report, June 18, 2026, paras. 11, 13.