CT-PEGASUS-DIGITAL

Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS.U) (the “Company”), a special purpose acquisition company founded by Strategic Capital Fund Management, LLC (“Strategic Capital”), announced today that it closed its initial public offering of 20,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $200,000,000. The underwriters have a 45-day option to purchase up to an additional 3,000,000 units to cover over-allotments, if any. The units are listed on the New York Stock Exchange (“NYSE”) and commenced trading under the ticker symbol “PGSS.U” on October 22, 2021. 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. Only whole warrants are exercisable. 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 Company is a blank check company and 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.

Barclays Capital Inc. served as the sole book-running manager for the offering and EarlyBirdCapital, Inc., Ladenburg Thalmann & Co. Inc. and Northland Securities, Inc. served as co-managers for the offering.

Of the proceeds received upon the consummation of the offering and simultaneous private placements of warrants, $202,000,000 (or $10.10 per unit sold in the offering) was placed in the Company’s trust account. An audited balance sheet of the Company as of October 26, 2021 reflecting receipt of the proceeds upon consummation of the offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (“SEC”).

The offering was made only by means of a prospectus. 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 .

A registration statement relating to these securities has been filed with the SEC and was declared effective 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 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 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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