CO-PEGASUS-DIGITAL

Pegasus Digital Mobility Acquisition Corp. (the “Company”), a special purpose acquisition company, announced today that it priced its initial public offering (“IPO”) of 20,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “PGSS.U” beginning on October 22, 2021. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “PGSS” and “PGSS.WS,” respectively.

The initial public offering is expected to close on October 26, 2021, subject to customary closing conditions. Barclays Capital Inc. is serving as the sole book-running manager for the offering and EarlyBirdCapital, Inc., Ladenburg Thalmann & Co. Inc. and Northland Securities, Inc. are serving as co-managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 888-603-5847, or by email at Barclaysprospectus@broadridge.com .

Cautionary Statements and Disclaimer

A registration statement relating to these securities became effective with the Securities and Exchange Commission (the “SEC”) on October 21, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Pegasus Digital Mobility Acquisition Corp.

Pegasus Digital Mobility Acquisition Corp. (the “Company”) is a newly-incorporated, blank check company incorporated as a Cayman Islands exempted entity. The Company was founded by Strategic Capital Fund Management, LLC (“Strategic Capital”), an investment management organization focused on digital economy investments, and is led by Dr. Sir Ralf Speth, F. Jeremey Mistry, and Dr. Stefan Berger. The Company is a new special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses. While the Company may pursue an initial business combination target in any business, industry, sector or geographical location, it intends to focus its search on target businesses within the next-generation transportation sector with exposure to energy transformation and digital mobility tailwinds, particularly in the European market.

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