Wejo Group Limited (NASDAQ:WEJO)("Wejo"), a global leader in Smart Mobility for Good cloud and software solutions for connected, electric and autonomous vehicle data, today announced the first milestone in its proposed business combination with TKB Critical Technologies 1 (NASDAQ:USCT) ("TKB"). TKB was able to retain approximately $53 million in its trust account following the redemption deadline for the Class A ordinary shares issued in TKB's IPO in connection with TKB's extraordinary general meeting seeking shareholder approval of an extension of the date by which TKB must consummate an initial business combination (the "Extension").

TKB shareholders may request to withdraw redemptions at any time until the vote is taken with respect to the Extension. TKB's shareholder meeting will reconvene at 4:00 p.m. Eastern Time on Friday, January 27, 2023.

"We believe TKB's retention of $53 million in its trust account is an affirmation by TKB shareholders of their belief that Wejo is likely undervalued and would be a great investment," said Richard Barlow, Founder and CEO at Wejo. "Wejo's 2022 growth is expected to be between 200 to 300%, along with similar growth expectations in 2023. While being a novel transaction, Wejo and TKB's proposed business combination uses the same structure that was successful in Talbots Inc's 2009 merger with BPW Acquisition Corp. We believe this innovative structure will enable the best potential outcome for Wejo and TKB shareholders."

With capital predominately on the sidelines during this challenging market environment, the business combination between Wejo and TKB represents an innovative way for Wejo to raise the capital it needs to continue its strong growth and drive toward profitability. Wejo is targeting to raise up to $100 million through the business combination with TKB, including a strategic-lead PIPE while continuing its efforts to raise short-term capital until the business combination closes.

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