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SES AI Enters Framework Agreement with Doroni Aerospace Worth Up to $1,090,000

SES AI entered into a framework agreement with Doroni Aerospace to design, develop, test and deliver a battery pack for Doroni Aerospace's H1-X. The framework agreement establishes an aggregate price of up to $1,090,000, of which the initial tranche of $65,000 is committed, for work planned over multiple stages in 2026 and 2027, with each stage to be triggered by the issuance of a purchase order from Doroni to SES AI. Under the framework agreement, upon issuance of purchase orders from Doroni, SES AI will design and develop H1-X battery systems to power the aircraft's ground and flight-test campaign - building a path to H1-X testing as early as 2027. The agreement includes options to expand into additional test systems and serial production. Under the program, SES AI will design and develop battery packs built on high energy density cells developed through its Molecular Universe AI platform - with cell energy densities approaching 400 Wh/kg and safety validated through abuse testing including nail penetration, overcharge and external short circuit, and paired with SES AI's enabled battery health monitoring.

SES AI Receives Compliance Notice from NYSE

SES AI received a notice from the New York Stock Exchange that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of its Class A common stock was less than $1.00 per share over a period of 30 consecutive trading days, which is the minimum average closing price required to maintain continued listing on the NYSE. SES AI will respond to the NYSE within 10 business days of receipt of the notice regarding its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company's Class A common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under the NYSE's rules, if the Company determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days. The Company's Class A common stock will continue to be listed and trade on the NYSE during this period, subject to the Company's compliance with other NYSE continued listing standards.