Press Release

Veoneer announces planned date for closing of merger and future CEO

The automotive technology company Veoneer, Inc., announced that, in connection with the previously announced merger agreement among Veoneer, SSW Holdco LP, SSW Merger Sub Corp, and QUALCOMM Incorporated, the parties have agreed that the closing of the merger will take place on April 1, 2022, subject to the continued condition that no governmental law or order has the effect of restraining, enjoining, rendering illegal or otherwise prohibiting the consummation of the merger on such date.

Upon the closing of the merger, Veoneer’s new owners, SSW, plan to appoint Jacob Svanberg, currently Senior Vice President Lidar Product Area and Corporate Development, as Veoneer’s new CEO. Jan Carlson, who has been the Company’s Chairman, President & CEO since its inception in 2018, will leave his operational and Board roles in Veoneer, and be appointed Advisor to the Board and CEO.  

In preparation of the anticipated closing, the ability to convert between Swedish Depository Receipts (“SDRs”) and common stock will be suspended as of March 28, 2022 at 3 p.m. CET. The last day of trading of common stock on NYSE and SDRs on Nasdaq Stockholm is anticipated to be March 31, 2022, and the delisting of the SDRs is expected to occur on April 4, 2022 if the closing of the merger occurs on April 1, 2022. 

Upon closing, holders of Veoneer common stock will be entitled to receive the full $37.00 per share, and the holders of Veoneer SDRs will be entitled to the corresponding amount in SEK per SDR, in accordance with the General Terms and Conditions for the SDRs.

Further information regarding the leadership changes and Veoneer’s forward focus will be given in conjunction with the closing of the merger.

Veoneer’s regulatory filings related to this announcement will be found at: https://www.veoneer.com/en/sec-filings

All published information regarding Veoneer ownership matters can also be found at www.veoneer.com.

This information is such information that Veoneer is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the EVP Communications and IR set out above, at 08.30 CET on March 24, 2022.

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