SES and Ivanhoe merger approved to accelerate the commercialization of lithium batteries / GM and Geely participate in the investment

Recently, we learned from relevant sources that Ivanhoe Capital Acquisition Company (NYSE: IVAN) (hereinafter referred to as "Ivanhoe") and SES Holdings Pte. Ltd. ("SES") jointly announces that Ivanhoe's earlier registration statement in Form S-4 (File No. 333-258691) filed in connection with the merger of the parties' businesses has been approved by the U.S. Securities and Exchange Commission ("SEC") and is effective January 10. Ivanhoe is a publicly traded, special-purpose acquisition company, and SES is the world's leading developer and manufacturer of high-performance lithium-metal batteries for electric vehicles and transportation applications.

Ivanhoe will mail the final proxy statement/prospectus of Ivanhoe's Extraordinary General Meeting of Shareholders ("Extraordinary General Meeting") to shareholders of record and holders of public warrants as of December 14, 2021 (the "Record Date"). The Extraordinary General Meeting of Shareholders will be held on February 1, 2022 at 9 a.m. EST.

Shareholders are encouraged to pre-vote prior to the Extraordinary General Meeting of Shareholders, which ends at 11:59 p.m. ET on January 31, 2022. In addition, the Ivanhoe Public Warrant Holders' Meeting (the "Warrant Holders' Meeting") will be held on February 1, 2022 at 9:15 a.m. to approve changes to Ivanhoe Warrants. The pre-voting process is simple and shareholders can vote online, by phone or by post. The Company encourages all Ivanhoe shareholders and warrant holders registered on the record date to vote in favour of the business merger and changes to Ivanhoe warrants.

Hu Qichao, Founder and CEO of SES, said: "We are very pleased that the business merger with Ivanhoe has reached an important point in time, and after receiving approval from Ivanhoe shareholders, SES will be officially listed. As a public company, this business combination will create better conditions for us to execute our strategic planning and further accelerate the commercialization of lithium metal batteries. At present, we have been supported by five major global car companies of General Motors, Hyundai Motor, Geely, SAIC and Foxconn. ”

"SES hybrid lithium metal battery technology can create excellent performance and safety performance verified by third-party testing institutes, and the adaptation to traditional lithium-ion production processes also makes lithium metal batteries have high manufacturability." It is because of these advantages that we are supported by many of the world's leading car companies, and we are confident in the future of SES. He added.

The business combination is expected to coincide with the approximately $275 million common pipe offering.

Investors involved in the PIPE deal include General Motors, Hyundai Motor, Geely Holdings, Kia Corporation, SAIC, Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments Canada (Deterministic Fund) and Franklin Templeton.

Details of the Extraordinary General Meeting of Shareholders and the General Meeting of Warrant Holders

The Extraordinary General Meeting of Shareholders and Warrant Holders, which decided to merge Ivanhoe's SES business, is scheduled to take place on February 1, 2022 at 9 a.m. EST at the Kirkland & Ellis LLP office at 609 Main St, Houston, Texas 77002, Houston, 77002.

Shareholders holding Ivanhoe's common stock as of the record date may vote during or before the Extraordinary General Meeting, and the Company recommends that the vote be completed by 11:59 p.m. ET on January 31, 2022. Holders of Ivanhoe Public Warrants as of the record date may vote on or before the Warrant Holders' Meeting, and the Company recommends that the voting be completed by 11:59 p.m. ET on January 31, 2022.

Ivanhoe has filed a final proxy statement/prospectus relating to the Extraordinary General Meeting of Shareholders with the SEC and will mail the final proxy statement/prospectus to shareholders holding Ivanhoe's common stock and holders of public warrants as of the record date.

If the relevant proposal at the Extraordinary General Meeting of Shareholders is approved, the parties expect the business combination to be completed shortly after all other conditions have been met or waived, if applicable.

After the end of the business merger, the combined company will operate under the name SES AI Corporation. The parties expect that the combined company's Class A common stock and warrants will be listed on the New York Stock Exchange under ticker symbols "SES" and "SESW", respectively.

About SES

SES is a global leader in the development and manufacture of high-performance lithium metal batteries for automotive and transportation applications. Founded in 2012, SES is a leading global developer and manufacturer of high-performance lithium metal batteries for automotive and transportation applications, with strong integration capabilities in materials, cells, modules, AI safety algorithms and battery recycling. SES, formerly known as SolidEnergy Systems, currently operates in Boston, Shanghai and Seoul.

About Ivanhoe Capital Acquisition

Ivanhoe Capital Acquisitions ( NYSE: IVAN) is a special purpose acquisition company dedicated to mergers, share exchanges, asset acquisitions, share acquisitions, restructurings, and mergers of similar businesses with one or more businesses. Ivanhoe was founded to find goals in industries related to the transition from fossil fuels to industrial and social electrification.