Wejo Group Limited announced that it has entered into a definitive business combination agreement to combine with TKB Critical Technologies 1. The proposed business combination is subject to a number of closing conditions and the parties anticipate that the transaction will close in the second quarter of 2023. Upon closing of the business combination, the combined company will retain Wejo's ticker symbol and will continue to trade on the Nasdaq Stock Market LLC. Through a combination of an anticipated PIPE raise and funds from TKB's trust, Wejo believes that this transaction can raise up to $100 million to fund its growth initiatives and position the company to execute on its strategic goals, and potentially reach cash flow breakeven which is expected by mid-2025.

Wejo will continue to work on additional short-term funding initiatives to provide bridge capital until the transaction closes. Wejo continues to perform well in the market and has reached a point of inflection in its growth rates. As announced for the third quarter of 2022, Wejo's financial metrics and KPIs demonstrate significant progress with its customer base.

Wejo's revenue in third quarter of 2022 was up more than 600%, total contract value (“TCV”) was up over 70%, annual recurring revenue (“ARR”) was up 63% and total customers were up over 80% when compared to the third quarter of last year. Building on the operational successes of 2022, Wejo expects to again deliver revenue growth in the range of 200% to 300% in 2023, representing revenue in the range of $20 million to $30 million. Additionally, as a result of the significant growth in revenue and a continued focus on expenses, Wejo anticipates that its operating cash burn in 2023 will be significantly lower than 2022, in the range of $60 million to $70 million.

Operationally, Wejo has been the recipient of multiple industry awards, works with 28 automotive original equipment manufacturers (“OEMs”), fleets and tier 1's around the world, boasts nearly 60 patents pending and has strategic partnerships with General Motors, Microsoft Corporation, Sompo Holdings Inc. and Palantir Technologies Inc. Additionally, Wejo's partner and customer successes are driven by the company transforming billions of real-time data points into solutions for departments of transportation (“DOTs”), universities, insurance providers, audience and media measurement, fleets, and many other verticals the company serves. Customers can use Wejo's data to transform public and private sector life by improving traffic flow and safety, enhancing insurance policies, delivering a better EV ownership experience and offering a better return on targeted product promotion.