Pegasus Digital Mobility Acquisition Corp. Announces the Results of its Extraordinary General Meeting and Amendment of its Memorandum and Articles of Association

Pegasus Digital Mobility Acquisition Corp. (NYSE: PGSS.U) (the "Company"), a special purpose acquisition company founded by Strategic Capital Fund Management, LLC (the "Sponsor"), today announced the results of its Extraordinary General Meeting. The Company's stockholders have approved the adoption of the second amended and restated articles of association in the form proposed, to among other things (i) make certain updates to reflect the decision by the board of directors of the Company (the "Board") to exercise the first extension option pursuant to which the date by which the Company has to consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination ("business combination") was extended from January 26, 2023 to April 26, 2023 (being the date falling 18 months after the consummation of the Company’s initial public offering, (ii) amend the amount which the Sponsor is required to deposit in the Company's trust account in order to exercise the second extension option to extend the date by which the Company has to consummate a business combination to July 26, 2023 to $0.10 per Class A ordinary share then in issue (after giving effect to any redemptions of such shares which are tendered for redemption in connection with the Extraordinary General Meeting), (iii) insert a third extension option to enable the Board to extend the date by which the Company has to consummate a business combination from July 26, 2023 to December 31, 2023 and (iv) insert a voluntary redemption right in favor of the holders of the Company’s Class A ordinary shares then in issue enabling public shareholders to redeem such shares on July 26, 2023 for a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account not previously released to the Company to pay its taxes, divided by the number of Class A ordinary shares then in issue, if the Board elects to exercise the extension until December 31, 2023.