REE Automotive (REE) Announces Proposed Share Offering

REE Automotive Ltd. (Nasdaq: REE) (“REE” or the “Company”), today announced that it has launched a public offering to offer and sell its Class A ordinary shares (the “ordinary shares”). The Company expects to grant the underwriter a 20-day option to purchase up to an additional 15% of the number of ordinary shares sold in the offering to cover over-allotments, if any. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering will be completed, or as to the actual size or terms of the offering.

M&G Investment Management Limited (“M&G”) has indicated an interest in purchasing ordinary shares in the offering at the public offering price. However, because indications of interest are not binding agreements or commitments to purchase, the underwriter may sell more, less or no ordinary shares in this offering to M&G, or M&G may determine to purchase more, less or no ordinary shares in this offering.

Roth Capital Partners is acting as sole book-running manager for the offering.

REE intends to use the net proceeds from the offering primarily for working capital and general corporate purposes, including continued product development and commercialization.

The securities will be offered pursuant to an effective shelf registration statement on Form F-3 (File No. 333-266902), including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2022, and declared effective by the SEC on August 25, 2022. A preliminary prospectus supplement has been, or will be, filed with the SEC and, when available, copies of the preliminary prospectus supplement and accompanying base prospectus may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC's website, www.sec.gov. Before investing in this offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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