Form 8-K

8-K — SES AI Corp

Accession: 0001819142-26-000019

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001819142

SIC: 3690 (MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES)

Item: Results of Operations and Financial Condition

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ses-20260423x8k.htm (Primary)

EX-99.1 (ses-20260423xex99d1.htm)

EX-99.2 (ses-20260423xex99d2.htm)

EX-99.3 (ses-20260423xex99d3.htm)

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8-K

8-K (Primary)

Filename: ses-20260423x8k.htm · Sequence: 1

SES AI CORPORATION_April 23, 2026

0001819142false0001819142us-gaap:WarrantMember2026-04-232026-04-230001819142us-gaap:CommonStockMember2026-04-232026-04-2300018191422026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

SES AI CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-39845

88-0641865

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

SES AI Corporation

35 Cabot Road

Woburn, MA 01801

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (339) 298-8750

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Class A common stock, $0.0001 par value per share

SES

The New York Stock Exchange

Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share

SES WS

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Item 2.02Results of Operations and Financial Condition.

On April 23, 2026, SES AI Corporation (the “Company”) released a letter to its shareholders, which includes a business update and the Company’s financial results for the fiscal quarter ended March 31, 2026. A copy of the letter to shareholders is furnished herewith as Exhibit 99.1.

On April 23, 2026, the Company issued a press release announcing the release of the letter to shareholders. A copy of the press release is furnished herewith as Exhibit 99.2.

The information contained in this Item 2.02 and in the accompanying Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly incorporated by specific reference in such filing.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 23, 2026, the Company announced the appointment of Yi (Ray) Liu as Chief Financial Officer, effective April 27, 2026. Mr. Liu, 50, previously served as North America Chief Risk and Control Officer at Adyen, a global financial technology company, from January 2022 to April 2026. Prior to that, Mr. Liu spent over a decade in roles of increasing responsibility at Metlife Investment Management, including as Director, Enterprise Risk Management (Investment Risk & Governance from March 2019 to December 2021, as Chief of Staff/Head of Finance (International Investments) from July 2011 to March 2019 and as Director of Internal Audit (Investment & Finance) from July 2006 to July 2011. From July 2003 to July 2006, Mr. Liu served as Senior Auditor (Corporate Audit) at Emerson Electric Co. Mr. Liu earned his MBA, Finance and Investments from the University of Notre Dame, Mendoza College of Business and his B.S. in Accountancy at Shanghai University of Finance and Economics. Mr. Liu is a CFA Charterholder and a Certified Public Accountant licensed in New Jersey. There are no arrangements or understandings between Mr. Liu and any other persons pursuant to which he was appointed as Chief Financial Officer. Mr. Liu has no family relationships with any director or executive officer of the Company. Mr. Liu has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

In connection with his appointment, the Company entered into an offer letter (the “Offer Letter”) with Mr. Liu pursuant to which he will receive (i) an annual base salary of $375,000, (b) an annual performance-based incentive bonus with a target of 50% of his base salary subject to the achievement of certain performance metrics, (iii) a cash signing bonus of $25,000 and (iv) a grant of restricted stock units under the Company’s 2021 Incentive Award Plan (the “Plan”) equivalent to $375,000 in value as of the date of grant. It is expected that shortly after commencing employment with the Company, Mr. Liu will also enter into the Company’s standard indemnification agreement pursuant to which the Company will indemnify him for certain actions taken in his capacity as Chief Financial Officer.

Mr. Liu will succeed Jing Nealis, who will be stepping down as Chief Financial Officer effective April 27, 2026. In connection with her departure, the Company entered into a separation letter (the “Separation Letter”) with Ms. Nealis pursuant to which, subject to delivery of a release of claims by Ms. Nealis, the Company has agreed to accelerate the vesting of 117,500 restricted stock units previously granted to her under the Plan, and to extend through December 31, 2026 the post-termination exercise period for Ms. Nealis’s vested stock options. Ms. Nealis has agreed to remain available through May 15, 2026 to support Mr. Liu’s transition into the Chief Financial Officer role.

The foregoing descriptions of the Offer Letter and the Separation Letter are qualified in their entirety by reference to the full text of the Offer Letter and the Separation Letter, which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.

Item 7.01 Regulation FD Disclosure

On April 23, 2026, the Company issued a press release announcing the Chief Financial Officer transition. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The information contained in this press release is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.

Description

99.1

Shareholder Letter dated April 23, 2026

99.2

Press release announcing release of letter to shareholders dated April 23, 2026

99.3

Press release announcing CFO transition, dated April 23, 2026

104

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SES AI Corporation

Date: April 23, 2026

By:

/s/ Jing Nealis

Name:

Jing Nealis

Title:

Chief Financial Officer

EX-99.1

Filename: ses-20260423xex99d1.htm · Sequence: 2

Exhibit 99.1

1 Letter to Our Shareholders Q1 2026

Dear Shareholders,

We are off to a strong start in 2026. First quarter revenue reached

$6.7 million, a 47% increase over the fourth quarter of 2025 and

above published consensus estimates. We are also reaffirming our

full year 2026 revenue guidance of $30 million to $35 million.

This quarter’s results were driven primarily by continued execution

in our Energy Storage Systems business through UZ Energy, with

smaller contributions from drone sample sales and Molecular

Universe subscription revenue. Importantly, gross margin

improved to 18.1% from 11.3% in the fourth quarter, reflecting

better margins in the UZ business and the impact of higher-margin

drone and subscription revenue.

As we noted on our fourth quarter call, our current three business

unit structure – ESS, drones, and advanced materials – took shape

in the second half of 2025. For that reason, we believe sequential

comparisons to the fourth quarter provide the most meaningful

view of our operating trajectory, though we include year-over-year

figures where relevant for context. Here is an update on each of

our business units.

1. Energy Storage Systems (ESS)

ESS remains our largest near-term revenue driver. Through the UZ

Energy acquisition, we are now serving customers across the

globe – from Australia to Europe to the Middle East – and have

begun entering the North American market.

During the first quarter, we announced a new contract that reflects

the growing commercial traction of the ESS business. We entered

into a multiyear distribution agreement with ATG EPower, a leading

North American distributor of renewable energy and energy

storage solutions with over two decades of experience in the clean

energy sector. This contract, valued at approximately $20 million

over three years, provides immediate access to ATG EPower’s

established distribution network across residential, commercial,

and industrial customer segments. This represents a significant

milestone in our strategy to expand the ESS business into the

United States, one of the fastest growing ESS markets globally.

This contract builds on UZ Energy’s existing customer base and

reflects our strategy to grow both geographically and through the

on-premises integration of our Molecular Universe Predict

capabilities into the hardware offering, an “Edge Box”. Energy

storage systems are financial assets – the value to our customers

depends on delivering consistent, long-term performance. Our

ability to provide both the hardware and an intelligent operating

system that predicts battery health and reduces maintenance costs

2 Letter to Our Shareholders Q1 2026

sets us apart as we compete for share in the estimated $300 billion

global ESS market.

An Edge Box built on UZ Energy hardware, enhanced with AI-driven predictive intelligence to maximize long-term performance

2. Drones

We made progress in our drone cell business during the first

quarter. We completed the conversion of our manufacturing line at

our Chungju, South Korea facility from EV pouch cells to drone-format pouch cells. This is the same facility where we developed

and built the world’s first 100Ah Li-Metal cell in 2021, and it has

been NDAA-compliant since its inception.

Our plans are for the converted line to gradually ramp up to an

annual capacity of over one million drone cells and incorporate our

AI for Manufacturing capabilities to ensure quality and cost

effectiveness. We have begun shipping sample cells to

prospective defense and commercial drone customers for

evaluation and qualification testing, and customer interest has

been strong.

NDAA-compliant cells ready for shipment from our Chungju plant

The US defense drone market, in particular, continues to be where

we see the most consequential near-term opportunity. A

dependable supply chain of high energy density, NDAA-compliant

pouch cells remain extremely rare and is critical to the

development of the American drone industry. Our manufacturing

capability in Korea positions us well relative to competitors who

lack compliant supply chains. In addition to our Korea facility, we

continue to explore larger NDAA-compliant manufacturing capacity

in Southeast Asia and expect to provide updates later this year.

3 Letter to Our Shareholders Q1 2026

3. Materials

Our materials pipeline continues to build. Through the Molecular

Universe platform, both SES and our customers have been

discovering new electrolyte materials for applications beyond our

current cell production. We now have approximately half a dozen

customers who have progressed through second-phase testing of

materials discovered through the platform.

The progression of existing customers through the testing pipeline

represents positive momentum. Several of these testing programs

are nearing completion of their second phase, and we expect the

next step for these customers will be moving toward commercial-scale supply discussions. Our Hisun joint venture can leverage

their 150,000-ton annual global capacity to produce these

materials at commercial scale as customer demand materializes.

4. Molecular Universe

The Molecular Universe continues to mature as a platform. We

recently introduced version 2.5 of the platform, which represents

our fifth major iteration since we launched in 2024. Version 2.5

delivers upgraded capabilities across our six AI-powered

workflows – Ask, Search, Formulate, Design, Predict, and

Manufacture – along with expanded enterprise on-premises

deployment options and covering both lithium and now sodium

chemistries.

During the quarter, a major global battery manufacturer committed

to a multiyear subscription for our Search in a Box product. This is

validation of the platform’s value to the world’s leading battery

companies, and we expect this relationship to generate follow-on

interest from other major manufacturers. While the direct on-premises revenue contribution from the Molecular Universe is

expected to remain modest in 2026, its biggest impact continues

to be the intellectual property and competitive advantages it drives

across our ESS, drone, and materials businesses.

CFO Transition

We are announcing today that Jing Nealis will be transitioning from

her role as Chief Financial Officer, effective April 27, 2026. Jing

has agreed to remain available through May 15 to support a

smooth transition. We thank Jing for her contributions over the past

five years in building SES AI’s financial foundation during a period

of significant transformation.

Effective April 27, we have appointed Yi (Ray) Liu, CFA, CPA, as

Chief Financial Officer. Ray brings over 20 years of finance

leadership experience spanning FP&A, strategic finance, SEC

reporting, and risk management. Most recently, he served as Chief

Risk & Control Officer at Adyen’s U.S. Federal Foreign Branch, and

prior to that held senior finance and risk leadership roles at MetLife

4 Letter to Our Shareholders Q1 2026

Investment Management for over 15 years, including Director of

Risk Management and Chief of Staff / Head of Finance for

International Investments, and Director of Internal Audit. Ray holds

an MBA from the University of Notre Dame and a B.S. in

Accountancy from Shanghai University of Finance and Economics.

Additional details are available in the separate press release

issued today.

Financial Highlights

Revenue and Gross Margin

Revenue for the first quarter of 2026 was $6.7 million, a 47%

increase over the fourth quarter of 2025 and a 16% increase over

the first quarter of 2025. As a reminder, the fourth quarter of 2025

was impacted by approximately $1.5 million of revenue that was

pushed into the first quarter, which benefited Q1 results. Our

revenue growth reflects the continued expansion of UZ Energy’s

ESS product revenue and early contributions from our drone cells

sample sales and MU subscription.

Our Q1 gross margin on a GAAP basis was 18.1%, compared to

11.3% in the fourth quarter of 2025 and 78.7% in the first quarter

of 2025. On a non-GAAP basis, which excludes stock-based

compensation as well as depreciation and amortization allocated

to cost of revenue, Q1 non-GAAP gross margin was 18.3%,

compared to 11.7% in Q4 2025 and 81.8% in Q1 2025. The year-over-year decline in gross margin reflects the shift in our revenue

composition from high-margin OEM service contracts in Q1 2025

to product-based revenue from our three current business units,

which carry a different margin profile. The sequential improvement

from Q4 2025 reflects margin improvement in the UZ ESS

business and the positive contribution of higher-margin drone

sample and subscription revenue.

Operating Expenses

GAAP operating expenses for the first quarter of 2026 were $19.1

million, compared to $18.2 million in the fourth quarter of 2025 and

$27.8 million in the first quarter of 2025. On a non-GAAP basis,

which excludes stock-based compensation as well as depreciation

and amortization, first quarter operating expenses were $14.3

million, compared to $13.5 million in Q4 2025 and $34.1 million in

Q1 2025. The year-over-year improvement on both GAAP and

non-GAAP bases reflects the progress we have made in optimizing

our cost structure. We remain on track to deliver the approximately

15% reduction in full-year operating expenses from 2025 levels

that we guided on our fourth quarter call.

Net Loss and Adjusted EBITDA

Our GAAP net loss for the first quarter was $12.1 million, or $0.04

loss per share, compared to a GAAP net loss of $17.0 million, or

$0.05 loss per share, in Q4 2025. GAAP net loss in Q1 2025 was

5 Letter to Our Shareholders Q1 2026

$12.4 million, or $0.04 loss per share. Our Q1 2026 GAAP net loss

was favorably impacted by a $4.2 million non-cash gain on the

change in fair value of sponsor earn-out liabilities. These non-cash

gains or losses are not reflective of our underlying operating

performance.

Excluding stock-based compensation, depreciation and

amortization, changes in fair value of sponsor earn-out liabilities,

and including interest income, our non-GAAP net loss for the first

quarter was $11.1 million, or $0.03 loss per share, compared to a

non-GAAP net loss of $11.8 million, or $0.04 loss per share, in Q4

2025, and a non-GAAP net loss of $13.8 million in Q1 2025.

Adjusted EBITDA for the first quarter of 2026 was a loss of $12.8

million, compared to a loss of $13.8 million in Q4 2025, and a loss

of $16.5 million in Q1 2025.

Liquidity and Cash Flow

We utilized approximately $20 million in cash for operations during

the first quarter, consistent with our operating plan. We exited the

first quarter with a strong liquidity position of approximately $178

million. Our capex-light business model remains a core financial

discipline, and we are confident our current liquidity provides a

strong runway to execute on our 2026 growth initiatives.

2026 Financial Outlook

For full-year 2026, we reaffirm revenue guidance of $30–35 million.

As previously noted, we expect the first half of the year to be driven

primarily by steady-state ESS revenue from UZ Energy, with

contributions from drone cells and materials expected to begin in

the second half. On a blended basis, we continue to expect

consolidated gross margin of approximately 15%, with room for

improvement as we scale and add higher-margin revenue streams.

On operating expenses, we remain on track to deliver

approximately 15% reduction from 2025 levels, reflecting

continued investment in the Molecular Universe platform while

maintaining financial discipline across the organization.

On a housekeeping note, we expect to file a new S-3 shelf

registration statement concurrent with our 10-Q, as our current

shelf expires on April 28. This is a routine administrative filing to

maintain our financial flexibility.

The first quarter was a solid one. Revenue and margins came in

on plan, costs continue to come down, and each of our business

units advanced. We believe we have the capital, the team, and the

commercial pipeline to deliver on our full-year outlook.

Qichao Hu

Founder, CEO and Chairman

Jing Nealis

Chief Financial Officer

6 Letter to Our Shareholders Q1 2026

SES AI Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts) March 31, 2026 December 31, 2025

Assets

Current Assets

Cash and cash equivalents $ 46,940 $ 29,541

Short-term investments 130,739 170,091

Accounts receivable 8,183 4,783

Inventories 6,960 5,154

Prepaid expenses and other assets 7,748 6,707

Total current assets 200,570 216,276

Property and equipment, net 26,318 28,866

Goodwill 13,272 13,272

Intangible assets, net 2,749 2,809

Right-of-use assets, net 6,932 7,638

Deferred tax assets 1,521 1,521

Other assets, non-current 2,157 2,264

Total assets $ 253,519 $ 272,646

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable $ 5,919 $ 5,694

Operating lease liabilities 1,599 2,298

Deferred consideration, current 8,025 1,093

Accrued expenses and other liabilities 13,697 15,071

Total current liabilities 29,240 24,156

Sponsor Earn-Out liabilities 3,586 7,795

Operating lease liabilities, non-current 5,416 5,813

Unearned government grant 8,612 9,042

Deferred consideration, non-current — 7,677

Other liabilities, non-current 3,419 3,408

Total liabilities 50,273 57,891

Stockholders’ Equity

Common stock: Class A shares, $0.0001 par value, 2,100,000,000 shares authorized; 324,709,477 and 321,551,078 shares issued

and outstanding as of March 31, 2026 and December 31, 2025, respectively;

Class B shares, $0.0001 par value, 200,000,000 shares authorized; 43,881,251 shares issued and outstanding as of

March 31, 2026 and December 31, 2025, respectively 37 37

Additional paid-in capital 588,457 588,355

Accumulated deficit (384,009) (371,911)

Accumulated other comprehensive loss (1,239) (1,726)

Total stockholders' equity 203,246 214,755

Total liabilities and stockholders' equity $ 253,519 $ 272,646

7 Letter to Our Shareholders Q1 2026

SES AI Corporation

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

Three Months Ended March 31,

(in thousands, except share and per share amounts) 2026 2025

Revenue from contracts with customers:

Revenue $ 6,711 $ 5,793

Cost of revenues 5,496 1,236

Gross profit 1,215 4,557

Operating expenses:

Research and development 11,031 20,510

General and administrative 8,053 7,320

Total operating expenses 19,084 27,830

Loss from operations (17,869) (23,273)

Other income:

Gain on change in fair value of Sponsor Earn-Out liabilities 4,208 7,879

Interest income 1,696 2,670

Miscellaneous income, net 281 296

Total other income, net 6,185 10,845

Loss before income taxes (11,684) (12,428)

Provision for income taxes (414) (4)

Net loss (12,098) (12,432)

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustment 712 47

Unrealized loss on short-term investments (225) (20)

Total other comprehensive income (loss), net of tax 487 27

Total comprehensive loss $ (11,611) $ (12,405)

Net loss per share attributable to common stockholders:

Basic and diluted $ (0.04) $ (0.04)

Weighted-average shares outstanding:

Basic and diluted 332,840,425 329,334,434

8 Letter to Our Shareholders Q1 2026

SES AI Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended March 31,

(in thousands) 2026 2025

Cash Flows From Operating Activities

Net loss $ (12,098) $ (12,432)

Adjustments to reconcile net loss to net cash used in operating activities:

Gain from change in fair value of Sponsor Earn-Out liabilities (4,208) (7,879)

Stock-based compensation 2,116 3,973

Depreciation and amortization 2,678 2,516

Gain from change in fair value of deferred consideration (846) —

Accretion income from available-for-sale short-term investments (499) (782)

Other 429 (272)

Changes in operating assets and liabilities:

Accounts receivable (3,360) (558)

Inventories (1,748) 58

Prepaid expenses and other assets (946) (1,710)

Right-of-use assets 692 701

Accounts payable 400 (108)

Lease liabilities (1,081) (1,044)

Accrued expenses and other liabilities (1,329) (5,296)

Net cash used in operating activities (19,800) (22,833)

Cash Flows From Investing Activities

Purchases of property and equipment (330) (916)

Purchase of short-term investments (31,991) (104,428)

Proceeds from the maturities of short-term investments 71,455 55,500

Net cash provided by (used in) investing activities 39,134 (49,844)

Cash Flows From Financing Activities

Payments for taxes withheld on vesting of restricted stock (2,053) —

Proceeds from stock option exercises 40 8

Net cash (used in) provided by financing activities (2,013) 8

Effect of exchange rates on cash 41 (76)

Net increase (decrease) in cash, cash equivalents and restricted cash 17,362 (72,745)

Cash, cash equivalents and restricted cash at beginning of period 30,213 129,395

Cash, cash equivalents and restricted cash at end of period $ 47,575 $ 56,650

Supplemental Cash and Non-Cash Information:

Accounts payable and accrued expenses related to purchases of property and equipment $ 464 $ 1,174

9 Letter to Our Shareholders Q1 2026

SES AI Corporation – Supplemental Non-GAAP Information

(Unaudited)

GAAP Non-GAAP

(in thousands, except per share amount) Q1 2026 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025

Revenue 6,711 5,793 4,562 6,711 5,793 4,562

Gross profit 1,215 4,557 514 1,225 4,736 535

Gross margin 18.1% 78.7% 11.3% 18.3% 81.8% 11.7%

Operating expenses 19,084 27,831 18,199 14,300 34,141 13,489

Loss from operations (17,869) (23,274) (17,685) (13,075) (16,785) (12,954)

Net loss (12,098) (12,432) (17,037) (11,098) (13,818) (11,793)

Basic and diluted Earnings per Share ("EPS") (0.04) (0.04) (0.05) (0.03) (0.04) (0.04)

Reconciliation of Non GAAP Financial Measures

Three Months Ended Period/Year Ended

(in thousands) March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2026 December 31, 2025 December 31, 2024

Gross profit (GAAP) 1,215 4,557 514 1,215 11,307 1,288

Stock-based compensation 7 161 18 7 339 18

Depreciation and amortization 3 18 3 3 46 18

Gross profit (Non-GAAP) 1,225 4,736 535 1,225 11,692 1,324

Gross margin (GAAP) 18.1% 78.7% 11.3% 18.1% 53.8% 63.1%

Stock-based compensation 0.1% 2.8% 0.3% 0.1% 1.6% 0.9%

Depreciation and amortization 0.1% 0.3% 0.1% 0.1% 0.3% 0.9%

Gross margin (Non-GAAP) 18.3% 81.8% 11.7% 18.3% 55.7% 64.9%

Operating expenses (GAAP) 19,084 27,831 18,199 19,084 93,921 110,536

Stock-based compensation (2,109) 3,812 (2,089) (2,109) (10,632) (19,917)

Depreciation and amortization (2,675) 2,498 (2,621) (2,675) (10,249) (8,290)

Operating expenses (Non-GAAP) 14,300 34,141 13,489 14,300 73,040 82,329

Loss from operations (GAAP) (17,869) (23,274) (17,685) (17,869) (82,614) (109,248)

Stock-based compensation 2,116 3,973 2,107 2,116 10,971 19,935

Depreciation and amortization 2,678 2,516 2,624 2,678 10,295 8,308

Loss from operations (Non-GAAP) (13,075) (16,785) (12,954) (13,075) (61,348) (81,005)

Net loss (GAAP) (12,098) (12,432) (17,037) (12,098) (73,040) (100,185)

Interest income (1,696) (2,670) (2,027) (1,696) (9,338) (15,036)

Depreciation and amortization expense 2,678 2,516 2,624 2,678 10,295 8,308

Benefit (provision) from income taxes 414 4 (333) 414 231 188

EBITDA (10,702) (12,582) (16,773) (10,702) (71,852) (106,725)

(Gain) loss on change in fair value of Sponsor Earn-Out liabilities (4,208) (7,879) 846 (4,208) (1,677) 5,306

Stock-based compensation 2,116 3,973 2,107 2,116 10,971 19,935

Adjusted EBITDA (12,794) (16,488) (13,820) (12,794) (62,558) (81,484)

10 Letter to Our Shareholders Q1 2026

Interest income 1,696 2,670 2,027 1,696 9,338 15,036

Net loss (Non-GAAP) (11,098) (13,818) (11,793) (11,098) (53,220) (66,448)

Weighted-average shares outstanding 332,840,425 329,334,434 331,241,345 332,840,425 330,917,166 321,824,143

EPS GAAP (0.04) (0.04) (0.05) (0.04) (0.22) (0.31)

EPS Non-GAAP (0.03) (0.04) (0.04) (0.03) (0.16) (0.21)

Basic and Diluted EPS (GAAP) (0.04) (0.04) (0.05) (0.04) (0.22) (0.31)

Loss (gain) on change in fair value of Sponsor Earn-Out liabilities (0.01) (0.02) - (0.01) (0.01) 0.02

Stock-based compensation 0.01 0.01 0.01 0.01 0.03 0.06

Depreciation and amortization expense 0.01 0.01 0.01 0.01 0.03 0.02

Benefit (provision) from income taxes - - (0.01) - 0.01 -

Basic and Diluted EPS (Non-GAAP) (0.03) (0.04) (0.04) (0.03) (0.16) (0.21)

11 Letter to Our Shareholders Q1 2026

Forward-Looking Statements

This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements

generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they

contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,”

“project” and “pursue” or the negative of these terms or similar expressions. These statements are based on the beliefs and assumptions of the management

of the Company. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, intentions and

expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these

plans, intentions or expectations. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our

assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking

statements. Some factors that could cause actual results to differ include, but are not limited to, among other things, risks relating to the Company’s ESS

business and the ability of our products to meet customer needs, the risk that the market for the Molecular Universe platform is still emerging, and may not

achieve the customer interest or growth potential that SES AI expects; risks relating to the uncertainty of achieving and maintaining profitability; risks relating

to the uncertainty of meeting future capital requirements; risks relating to the integration of Shenzhen UZ Energy Co., Ltd. into the business of SES; the

market for drones, robotics and air mobility, and for use of SES technology in such applications, is still emerging and may not achieve the growth potential

we expect; potential supply chain difficulties; the ability to obtain raw materials, components or equipment through new or existing supply relationships; our

use of artificial intelligence and machine learning may result in legal and regulatory risk; risks resulting from SES’s strategic alliances and investments;

product liability and other potential litigation, regulation and legal compliance; SES’s ability to attract, train and retain highly skilled employees and key

personnel; developments in alternative technology or other fossil fuel alternatives; risks related to SES’s intellectual property; business, regulatory, political,

operational, financial and economic risks related to SES’s business operations outside the United States; SES’s failure to satisfy certain NYSE listing

requirements may result in its Class A common stock being delisted from the NYSE, which could eliminate or adversely affect the trading market for SES

Class A common stock; the volatility of SES’s common stock and value of SES’s public warrants; SES has, in the past, identified material weaknesses in its

internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls,

and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s

Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed Annual Report on Form 10-K, Quarterly Report

on Form 10-Q and other documents that we have filed, or that we will file, with the SEC. Any forward-looking statements made by us in this press release

speak only as of the date on which they are made and subsequent events may cause these expectations to change. We disclaim any obligations to update

or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

12 Letter to Our Shareholders Q1 2026

Non-GAAP Financial Measures

This letter includes the use of non-GAAP financial measures, which are intended to provide supplemental information regarding our performance. These

non-GAAP measures include Gross profit (Non-GAAP), Gross margin (Non-GAAP), Operating expenses (Non-GAAP), Loss from operations (Non-GAAP),

EBITDA, adjusted EBITDA, Net loss (Non-GAAP) attributable to SES shareholders, and Earnings per share (Non-GAAP).

We use these non-GAAP measures to supplement our financial reporting and to evaluate ongoing operations and results, facilitate internal planning and

forecasting, and assess performance against prior periods, industry peers, and the broader market. These non-GAAP measures are not prepared in

accordance with generally accepted accounting principles (GAAP) and should not be considered as an alternative to GAAP results. Industry peers and other

companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude the impact of

certain items that are included in the most directly comparable measure calculated and presented in accordance with GAAP, which adjustments reflect the

exercise of judgment by management. We believe that these non-GAAP measures, when considered together with the GAAP results, provide investors with

an additional understanding of our operating performance. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP

financial measure can be found in the supplemental non-GAAP information section at the end of this press release.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes the impact of one

or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of SES’s current operating performance

and a comparison to its past operating performance:

Stock-based compensation expense. SES excludes the impact of stock-based compensation expense from its non-GAAP measures primarily because they

are non-cash in nature. Moreover, the impact of this expense is significantly affected by SES’s stock price at the time of an award, which can be volatile and

over which management has limited to no control.

Depreciation and amortization. This item represents depreciation and amortization of purchased long-lived assets and acquired intangible assets, which are

both non-cash expenses. Acquisition related amortization of acquired intangible assets are not reflective of SES’s ongoing financial performance.

Interest income. This item consists primarily of interest income on short term debt securities that primarily includes accretion income from the debt securities

as they progress towards their maturity date.

Benefit (provision) from income taxes. This item represents the amount adjusted to SES’s GAAP tax provision or benefit to exclude the impact of the income

tax effects of GAAP adjustments that are not reflective of SES’s ongoing financial performance.

(Loss) gain on change in fair value of Sponsor Earn-Out Liability. This item represents the amount adjusted to SES’s GAAP fair value liability for Sponsor

Earn-Out shares, which is a non-cash adjustment that is more tied to the change in stock price rather than management’s operational performance.

Definitions

Gross profit (Non-GAAP), Gross margin (Non-GAAP), Operating expenses (Non-GAAP), and Loss from operations (Non-GAAP) represent, in each case,

the corresponding GAAP financial measure adjusted to exclude the impact of stock-based compensation expense and depreciation and amortization.

EBITDA represents net loss attributable to SES shareholders adjusted to exclude the impact of interest income, taxes, depreciation and amortization.

13 Letter to Our Shareholders Q1 2026

Adjusted EBITDA represents EBITDA adjusted to exclude the impact of loss (gain) on change in fair value of Sponsor Earn-Out liability and stock-based

compensation.

Net loss (Non-GAAP) attributable to SES shareholders represents Adjusted EBITDA adjusted further to reinclude the impact of interest income.

Earnings per share (Non-GAAP) represents earnings (loss) per share adjusted to exclude the impact of taxes, depreciation and amortization, loss (gain) on

change in fair value of Sponsor Earn-Out liability and stock-based compensation.

EX-99.2

Filename: ses-20260423xex99d2.htm · Sequence: 3

Exhibit 99.2

Beyond Li-ion™

SES AI Reports First Quarter 2026 Financial Results

Reports above consensus first quarter revenue of $6.7 million

Signed multiyear ESS distribution agreement with ATG EPower

Improved first quarter gross margin to 18.1% from 11.3% in fourth quarter 2025

Maintained strong liquidity position with approximately $178 million

Affirms full year 2026 revenue guidance of $30 million to $35 million

Highlights

● Reported $6.7 million in the first quarter 2026 revenue, a 47% increase over $4.6 million in the fourth quarter of 2025

● GAAP net loss in the first quarter 2026 of $12.1 million, or $0.04 loss per share, compared to a GAAP net loss of $17.0 million, or $0.05 loss per share in the fourth quarter 2025

● Non-GAAP net loss in the first quarter 2026 of $11.1 million, or $0.03 loss per share, compared to a non-GAAP loss of $11.8 million, or $0.04 loss per share in the fourth quarter 2025

● Gross margin improved to 18.1% in the first quarter 2026, from 11.3% in the fourth quarter 2025

● Entered into a $20 million multiyear distribution agreement with ATG EPower, a leading North American distributor of renewable energy and energy storage solutions

● Completed the conversion of the manufacturing line at the Chungju, South Korea facility from EV pouch cells to drone-format pouch cells, quickly ramping up to an annual production capacity of one million cells a year

● Approximately six customers have progressed through second-phase testing of materials discovered through the Molecular Universe platform

● Introduced Molecular Universe 2.5 – the fifth iteration since the 2024 launch

● Secured a multiyear commitment from a major global battery manufacturer for MU’s Search in a Box product

● Affirmed previously issued full year 2026 revenue guidance in a range of $30 million to $35 million

Woburn, MA (April 23, 2026) - SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced its business results for the first quarter ended March 31, 2026 and affirmed its previously issued financial guidance for the year ending December 31, 2026.

The Company posted a Letter to Our Shareholders on its Investor Relations website, which provides a business update, details on its first quarter 2026 results, and its guidance for 2026.

Dr. Qichao Hu, Founder and CEO of SES AI, noted, “We continued to build on the positive momentum we created in 2025 with a strong start to 2026, especially from the continued execution in our Energy Storage Systems business through UZ Energy. During the quarter, we entered into a multiyear distribution agreement with ATG E Power to expand our ESS business into the North American market. Our ability to provide both hardware and an intelligent operating system that predicts battery health and reduces maintenance costs is a key differentiator for both our current and prospective customers.

“Our drone cell business continues to grow, as we completed the conversion of our manufacturing line at our Chungju, South Korea facility from EV pouch cells to drone-format pouch cells, with the converted line now ramping up to an annual capacity of approximately 1,000,000 drone cells. During the quarter, we have seen strong customer interest and began shipping sample cells to prospective defense and commercial drone customers for evaluation and qualification testing,” Dr. Hu added.

“In April, we introduced the fifth iteration of the Molecular Universe, version 2.5, which delivers upgraded capabilities across our five AI-powered workflows, and signed a major global battery manufacturer to a multiyear contract for our Search in a Box product,” stated Dr. Hu. “During the quarter, we made progress on our plan to grow revenue across our three business units, expand margins, and reduce costs, while we continue to develop our commercial pipeline to deliver on our full-year outlook.”

The Company will hold a conference call later today at 5:00 p.m. Eastern Time.

A webcast of the live conference call will be available through SES’s Investor Relations website, https://investors.ses.ai. The following link can be used to register in advance for the call: https://events.q4inc.com/attendee/998500960.

The conference call can also be accessed live over the phone by dialing the following numbers:

United States (Toll Free): 800-715-9871

International: +1 646-307-1963

Access Code: 2990899

A webcast replay will be available shortly after the call at:

https://investors.ses.ai/events-and-presentations/events/default.aspx

About SES AI:

SES AI Corp. (NYSE: SES) is powering the future of global electric transportation on land and in the air with the world’s most advanced Li-Metal batteries. SES AI is the first battery company in the world to accelerate its pace of innovation by utilizing superintelligent AI across the spectrum of its business, from research and development; materials sourcing; cell design; engineering and manufacturing; to battery health and safety monitoring. Founded in 2012, SES AI is an Li-Metal battery developer and manufacturer headquartered in Boston and with operations in Singapore, Shanghai, and Seoul. Learn more at SES.AI.

SES AI may use its website as a distribution channel of material company information. Financial and other important information regarding SES AI is routinely posted on and accessible through the Company’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following SES AI’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “prioritize,” “plan,” “target,” “expect,” “focus,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” “project” and “pursue” or the negative of these terms or similar expressions. These statements are based on the beliefs and assumptions of the management of the Company. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to, among other things, risks relating to the Company’s ESS business and the ability of our products to meet customer needs, the risk that the market for the Molecular Universe platform is still emerging, and may not achieve the customer interest or growth potential that SES AI expects; risks relating to the uncertainty of achieving and maintaining profitability; risks relating to the uncertainty of meeting future capital requirements; risks relating to the integration of Shenzhen

UZ Energy Co., Ltd. into the business of SES; the market for drones, robotics and air mobility, and for use of SES technology in such applications, is still emerging and may not achieve the growth potential we expect; potential supply chain difficulties; the ability to obtain raw materials, components or equipment through new or existing supply relationships; our use of artificial intelligence and machine learning may result in legal and regulatory risk; risks resulting from SES’s strategic alliances and investments; product liability and other potential litigation, regulation and legal compliance; SES’s ability to attract, train and retain highly skilled employees and key personnel; risks related to SES’s intellectual property; business, regulatory, political, operational, financial and economic risks related to SES’s business operations outside the United States; SES’s failure to satisfy certain NYSE listing requirements may result in its Class A common stock being delisted from the NYSE, which could eliminate or adversely affect the trading market for SES Class A common stock; the volatility of SES’s common stock and value of SES’s public warrants; SES has, in the past, identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other documents that we have filed, or that we will file, with the SEC. Any forward-looking statements made by us in this press release speak only as of the date on which they are made, and subsequent events may cause these expectations to change. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

For the media: pr@ses.ai

For investors: ir@ses.ai

EX-99.3

Filename: ses-20260423xex99d3.htm · Sequence: 4

Exhibit 99.3

SES AI Announces Chief Financial Officer Transition

Ray Liu, CFA, CPA, appointed Chief Financial Officer effective April 27, 2026

Jing Nealis to step down after completing Q1 2026 10-Q filing and earnings call

WOBURN, MA – (BUSINESS WIRE) – April 23, 2026 – SES AI Corporation (“SES AI,” the “Company,” “we” or “us”) (NYSE: SES), a global leader in the development and manufacturing of AI-enhanced high-performance Li-Metal and Li-ion batteries, today announced that Jing Nealis has decided to step down from her role as Chief Financial Officer, effective April 27, 2026. Yi (Ray) Liu, CFA, CPA, has been appointed to succeed Ms. Nealis as Chief Financial Officer, also effective April 27, 2026.

Ms. Nealis joined SES AI in 2021 and has served as CFO through a period of significant transformation for the Company, including raising Series D and D+, taking SES public, the acquisition of UZ Energy and the establishment of three revenue-generating business units. She will complete the Company’s first quarter 2026 Form 10-Q filing and participate in the Q1 2026 earnings call before her departure. Ms. Nealis has agreed to remain available to the Company to support an orderly transition.

Mr. Liu brings more than 20 years of finance leadership across FP&A, strategic finance, risk management and financial reporting in global, regulated, and public company environments. Most recently, he served as North America Chief Risk and Control Officer at Adyen, a global financial technology company. At Adyen, he led the design and implementation of enterprise risk and control framework for its U.S. Federal Foreign Branch and strengthened operational and financial controls, as well as supervisory and audit examination readiness. Prior to Adyen, Mr. Liu spent over a decade at MetLife Investment Management in roles of increasing responsibility, including Director of Risk Management and Chief of Staff and Head of Finance for the firm’s international investment operations, where he led a team supporting budgeting, forecasting, and performance analytics across Asia-Pacific, Latin America, and Europe. Earlier in his career, Mr. Liu served as Director of Internal Audit at MetLife, Senior Auditor at Emerson Electric Co., and Senior Associate at PwC in Shanghai.

Mr. Liu holds an MBA in Finance and Investments from the University of Notre Dame’s Mendoza College of Business and a B.S. in Accountancy from the Shanghai University of Finance and Economics. He is a CFA Charterholder and a Certified Public Accountant licensed in New Jersey.

Dr. Qichao Hu, Founder and CEO of SES AI, said, “On behalf of the entire SES AI team, I want to thank Jing for her contributions to the Company during a pivotal period. She played an important role in our financial operations as we transitioned from a development-stage company to one with three distinct, revenue-generating business units. We respect her decision to pursue a new opportunity and wish her well.”

“We are pleased to welcome Ray to SES AI,” continued Dr. Hu. “His experience in public company financial reporting, internal controls, and risk management, combined with his track record of building scalable finance infrastructure, makes him well-suited to support SES AI as we continue to grow our business. Ray will play a key role in strengthening our finance and business intelligence operations as we execute on our 2026 plan.”

About SES AI

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “will,” “goal,” “plan,” “target,” “expect,” “focus,” “look forward,” “opportunity,” “believe,” “estimate,” “continue,” “anticipate,” “project” and “pursue” or the negative of these terms or similar expressions. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. Some factors that could cause actual results to differ include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently

filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Any forward-looking statements made by us in this press release speak only as of the date on which they are made. We disclaim any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

###

Contacts:

For the media: pr@ses.ai

For investors: ir@ses.ai

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Namespace Prefix:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Name:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- Details

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