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 the appointment of four independent directors in connection with its $200 million initial public offering, which closed on October 26, 2021.

“A SPAC needs a clear and simple organization structure and the right people,” stated Chairman and CEO Dr. Sir Ralf Speth. “We have carefully assembled a world-class Board of Directors to enhance our value proposition for prospective target companies. We believe that we can be a great partner to a forward-thinking company and management team, which can translate to creating long term value for shareholders.”

Independent Board Appointments

On October 21, 2021, the following individuals were appointed to serve as the independent directors of the Company:

Steve Norris is a former member of the UK parliament who served as Parliamentary Under-Secretary of State and Minister of Transport in the government of Sir John Major. He is a former Director General of the UK Road Haulage Association and a former Chairman of First Group plc’s London bus operations. He is Deputy Chairman of Optare plc, the UK’s second largest bus manufacturer specializing in all-electric vehicles, President of ITS-UK, the UK branch of the global intelligent transport systems organization, and chairman of Evtec Automotive Limited, a tier 1 supplier to Jaguar Land Rover, Ford and Aston Martin. He also joined the board of Empati Ltd in UK which specializes in the development of green hydrogen and the use of AI to assist in the development of sustainable renewable energy.

Florian Wolf has considerable experience in investment banking, business development, and financial and operational management across a wide range of industries, with a leadership focus on the electric vehicle and next-generation transportation sectors. Mr. Wolf is the Chief Financial Officer of next-generation battery technology firm Innolith AG, headquartered in Switzerland. While with J.P. Morgan, Mr. Wolf assumed the role as the firm’s EMEA Head of Electric Vehicles. His coverage and focus included Electric Vehicles, Electric Vehicle Infrastructure, Battery Cell, Power Electronics and Fuel Cell technology.

John Doherty has 35 years of experience in corporate development, strategic planning, mergers & acquisitions, transaction execution & integration, venture capital investments and financial management in the technology, connectivity and digital infrastructure industries across the United States, Europe, Central America, South America and Asia. He is the Chief Financial Officer of Magic Leap, an augmented reality (AR) company pioneering a wearable platform to amplify enterprise productivity, where he is responsible for all strategic, financial and corporate development activity for the company including accounting and control, financial planning & analysis, treasury, fundraising and investor relations.

Jeff Foster has served as an Adjunct Professor of Real Estate at Georgetown University and an Adjunct Professor of Accounting at the University of South Florida. He also served as Chief Financial Officer and Treasurer of DuPont Fabros Technology (NYSE: DFT), guiding the company through its 2007 IPO and its 2017 sale to Digital Realty (NYSE: DLR). Mr. Foster was responsible for obtaining financing through common and preferred equity, bonds and bank debt. He was also responsible for strategic planning, investor relations, accounting and lobbying for a sales tax exemption.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the search for an initial business combination. No assurance can be given 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 final 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, an investment management organization focused on digital economy investments, and the Company 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. The Company believes this business sector is in the early stages of a generational growth trend that is accelerating as a result of energy transformation through the rise of zero emission transportation, as well as the digitization of mobility through artificial intelligence, wireless connectivity and software applications.

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