FREUDENSTADT, GERMANY – Schmid Group has announced the completion of a business combination with Pegasus Digital Mobility Acquisition Corp. that will allow Schmid to be listed on the Nasdaq Stock Exchange.

As of April 30, the company's legal name is Schmid Group NV, and the company's shares will begin trading on the Nasdaq Global Select Market under the ticker symbol “SHMD.”

The business combination and public listing, first announced last May, will enable Schmid to win large scale deployment contracts, attract top talent and provide a currency for targeted acquisitions, the company said in a release.

Schmid signed a non-redemption and investment agreement for approximately $26 million in committed capital with the business combination, including from various institutional investors as well as $8 million from Pegasus Digital Mobility Sponsor LLC, the sponsor of Pegasus.

"Today marks a major milestone for Schmid Group and the future of our company," said CEO Christian Schmid. "As a fifth- generation family business, we’ve been innovating for over 160 years. Today, we solve for the most-pressing challenges in Electronics – our solutions help unlock the future of AI. By taking Schmid public, we strengthen our global position and accelerate our sustainable innovation for the benefit of all stakeholders."

"Seeing this deal come to a close brings me great excitement for the future," said Pegasus chairman and CEO Ralf Speth. "I look forward to joining SCHMID’s Board of Directors to leverage my deep expertise in the Automotive sector to support Schmid's growth and expansion into new markets."

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