<SEC-DOCUMENT>0001213900-22-027443.txt : 20220517
<SEC-HEADER>0001213900-22-027443.hdr.sgml : 20220517
<ACCEPTANCE-DATETIME>20220517082111
ACCESSION NUMBER:		0001213900-22-027443
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220517
DATE AS OF CHANGE:		20220517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REE Automotive Ltd.
		CENTRAL INDEX KEY:			0001843588
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-258963
		FILM NUMBER:		22932314

	BUSINESS ADDRESS:	
		STREET 1:		AHARON MESKIN ST 10
		CITY:			TEL AVIV-YAFO
		STATE:			L3
		ZIP:			6901001
		BUSINESS PHONE:		972 54 473 6596

	MAIL ADDRESS:	
		STREET 1:		AHARON MESKIN ST 10
		CITY:			TEL AVIV-YAFO
		STATE:			L3
		ZIP:			6901001
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>ea160113-424b3_reeautomotive.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>
Filed Pursuant to Rule&nbsp;424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-258963</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.65pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT NO. 1<BR>
(to prospectus dated April 11, 2022)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REE AUTOMOTIVE LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>39,041,351 Class A&nbsp;Ordinary Shares<BR>
5,500,000 Warrants to Purchase Class A Ordinary Shares<BR>
15,562,500 Class A Ordinary Shares Underlying Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus supplement updates, amends and
supplements the prospectus dated April 11, 2022 (the &ldquo;Prospectus&rdquo;) which forms a part of our Registration Statement on Form
F-1, as amended and supplemented, including by Post-Effective Amendment No. 1 thereto (Registration Statement No. 333-258963). This prospectus
supplement is being filed to update and supplement the information included in the Prospectus with the unaudited interim consolidated
financial statements as of and for the three months ended March 31, 2022 contained in Exhibit 99.2 to our report of foreign private issuer
on Form 6-K, furnished to the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on May 17, 2021 (the &ldquo;Form 6-K&rdquo;).
Such financial statements from the Form 6-K are attached to this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus supplement updates, amends and
supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination
with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the
Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely
on the information in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Class A ordinary shares, without par value
(&ldquo;Class A Ordinary Shares&rdquo;), and warrants to purchase Class A Ordinary Shares (&ldquo;Warrants&rdquo;) are traded on The Nasdaq
Global Market (&ldquo;Nasdaq&rdquo;) under the symbols &ldquo;REE&rdquo; and &ldquo;REEAW,&rdquo; respectively. The last reported sale
price of the Ordinary Shares on May 16, 2022 was $1.79 per share, and the last reported sale price of the Warrants on May 16, 2022 was
$0.21 per warrant, as reported on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>You should read the Prospectus and any prospectus
supplement or amendment carefully before you invest in our securities. Investing in the Company&rsquo;s securities involves risks. See
&ldquo;<I>Risk Factors</I>&rdquo; beginning on page 13 of the Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the SEC nor any state securities commission
has approved or disapproved of the securities to be issued under the Prospectus or passed upon the adequacy or accuracy of the Prospectus
or this prospectus supplement. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus supplement is May
17, 2022.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<div id="i4d6a0dc05435497f9db3893341dff0d1_229"></div>

<div style="min-height:45pt;width:100%">

<div>&nbsp;</div></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD.</font></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CONSOLIDATED
FINANCIAL STATEMENTS</font></div>

<div style="margin-top:10pt;text-align:center"><font><br></font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_232"></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">AS
OF MARCH&#160;31, 2022</font></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UNAUDITED</font></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INDEX</font></div>

<div style="margin-top:10pt;text-align:center"><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INDEX TO FINANCIAL
STATEMENTS</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.484%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:85.515%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:12.285%"></td>
    <td style="width:0.1%"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated
        Interim Balance Sheet</font></td>
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i4d6a0dc05435497f9db3893341dff0d1_238" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">F-</a><a href="#i4d6a0dc05435497f9db3893341dff0d1_238" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">2</a></font></div></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated
        Interim Statements of Comprehensive Loss</font></div></td>
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i4d6a0dc05435497f9db3893341dff0d1_241" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">F-</a><a href="#i4d6a0dc05435497f9db3893341dff0d1_241" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">3</a></font></div></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated
        Interim Statement of Changes in Shareholders&#8217; equity</font></div></td>
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i4d6a0dc05435497f9db3893341dff0d1_244" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">F-</a><a href="#i4d6a0dc05435497f9db3893341dff0d1_244" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">4</a></font></div></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated
        Interim Statement of Cash Flows</font></div></td>
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i4d6a0dc05435497f9db3893341dff0d1_247" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">F-</a><a href="#i4d6a0dc05435497f9db3893341dff0d1_247" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">5</a></font></div></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes
        to the Interim Consolidated Financial Statements</font></td>
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="#i4d6a0dc05435497f9db3893341dff0d1_250" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">F-</a><a href="#i4d6a0dc05435497f9db3893341dff0d1_250" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">7</a></font></div></td></tr>
  </table></div>

<div><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-1</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_238"></div><hr style="page-break-after:always">

<div style="min-height:45pt;width:100%">

<div><font style="font-family: Times New Roman,sans-serif; font-size: 10pt; font-weight: 400; color: #0000ff; line-height: 120%">&nbsp;</font></div></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INTERIM
CONSOLIDATED BALANCE SHEETS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollar in thousands (except share and per share data)</font></div>

<div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:70.112%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:12.990%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:12.992%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March
        31,<br>2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December
        31,<br>2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ASSETS</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">CURRENT
        ASSETS&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash
        and cash equivalents</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,976&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">275,772&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted
        cash</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">138&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">138&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other
        accounts receivable and prepaid expenses</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,324&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,162&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total
        current assets</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">252,438&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">288,072&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 15pt; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NON-CURRENT
        ASSETS&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current
        restricted cash</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,002&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,005&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other
        accounts receivable</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,351&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,184&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating
        lease right-of-use assets</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,365&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property
        and equipment, net</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,772&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,675&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total
        non-current assets</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,490&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,864&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TOTAL
        ASSETS</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">279,928</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">292,936</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 15pt; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 3pt double; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 3pt double; padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">LIABILITIES
        AND SHAREHOLDERS&#8217; EQUITY</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">CURRENT
        LIABILITIES&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade
        payables</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,232&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,538&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other
        accounts payable and accrued expenses</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,501&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,018&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating
        lease liabilities</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,526&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total
        current liabilities</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,259&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,556&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NON-CURRENT
        LIABILITIES&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred
        revenues</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">943&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">943&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Warrants
        liability</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,704&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,034&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating
        lease liabilities</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,526&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total
        non-current liabilities</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,173&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,977&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TOTAL
        LIABILITIES</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">42,432</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">42,533</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 15pt; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Commitments
        and Contingencies (Note 6)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="height: 15pt; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">SHAREHOLDERS&#8217;
        EQUITY&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ordinary
        shares</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additional
        paid-in capital</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">875,019&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">864,911&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accumulated
        deficit</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(637,523)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(614,508)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total
        shareholders&#8217; equity</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">237,496</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">250,403</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TOTAL
        LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">279,928</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">292,936</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">The
accompanying notes are an integral part of the consolidated financial statements.</font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-2</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_241"></div><hr style="page-break-after:always">

<div style="min-height:45pt;width:100%">

<div><font style="font-family: Times New Roman,sans-serif; font-size: 10pt; font-weight: 400; color: #0000ff; line-height: 120%">&nbsp;</font></div></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INTERIM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollar in thousands (except share and per share data)</font></div>

<div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:71.930%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:12.081%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:12.083%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three
        Months Ended</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31,<br>2022</font></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31,<br>2021</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost
        of sales</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">538&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gross
        loss</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(538)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(5)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating
        expenses&#58;</font></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 25pt; text-align: left; text-indent: -18pt; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Research
        and development expenses, net</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,397&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,149&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 25pt; text-align: left; text-indent: -18pt; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Selling,
        general and administrative expenses</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,288&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,448&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total
        operating expenses</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,685&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,597&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating
        loss</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(38,223)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(12,602)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 25pt; text-align: left; text-indent: -18pt; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income
        from warrants remeasurement</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(15,330)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 25pt; text-align: left; text-indent: -18pt; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial
        income, net</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(472)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        loss before income tax</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(22,421)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,598)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 25pt; text-align: left; text-indent: -18pt; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income
        tax expense</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">594&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        loss</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(23,015)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(12,598)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net
        comprehensive loss</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(23,015)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(12,598)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Basic
        and diluted net loss per Class A ordinary share</font></td>
    <td colspan="2" style="border-top: #000 3pt double; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(0.08)</font></td>
    <td style="border-top: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 3pt double; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(0.07)</font></td>
    <td style="border-top: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted
        average number of ordinary shares and preferred shares used in computing basic and diluted net loss per share</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">
        (1)</font></div></td>
    <td colspan="2" style="border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">289,747,646&#160;</font></td>
    <td style="border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="2" style="border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">193,705,500&#160;</font></td>
    <td style="border-bottom:3pt double #000;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)
</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Prior
period results have been retroactively adjusted to reflect the</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">
1&#58;26.7017 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">stock
split and the changes in par value from 0.01 NIS to no par value effected on July&#160;22, 2021.</font></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">The
accompanying notes are an integral part of the consolidated financial statements.</font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-3</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_244"></div><hr style="page-break-after:always">

<div style="min-height:45pt;width:100%">

<div>&nbsp;</div></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INTERIM
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; EQUITY (Unaudited)</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollar in thousands (except share and per share data)</font></div>

<div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:37.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:5.566%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:4.122%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:4.788%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:4.122%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:6.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:4.122%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:5.677%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:6.788%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.244%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:6.797%"></td>
    <td style="width:0.1%"></td></tr>
  <tr style="height:19pt">
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="9" style="border-top:0.25pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ordinary
        shares - Class A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">
        (1)</font></div></td>
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="9" style="border-top:0.25pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ordinary
        shares - Class B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">
        (1)</font></div></td>
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="9" style="border-top:0.25pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Preferred
        shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">
        (1)</font></div></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" rowspan="2" style="border-top:0.25pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additional<br>Paid-in<br>Capital</font></td>
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="3" rowspan="2" style="border-top:0.25pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated
        Deficit</font></td>
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="3" rowspan="2" style="border-top:0.25pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total
        Shareholders&#8217; Equity</font></td></tr>
  <tr style="height:12pt">
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount</font></td>
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount</font></td>
    <td colspan="3" style="border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:0 1pt"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance&#160;&#8211;
        January 1, 2021</font></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45,271,559</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130,799,440</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">154,959</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(109,178)</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45,781</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr style="height:12pt">
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercise
        of warrants</font></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,619,406&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,350&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,350&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share-based
        compensation</font></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,106&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,106&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net
        loss</font></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,598)</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,598)</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr style="height:12pt">
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance&#160;&#8211;
        March 31, 2021</font></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45,271,559</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">139,418,846</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">161,415</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(121,776)</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39,639</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr style="height:12pt">
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance&#160;&#8211;
        January 1, 2022</font></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">234,262,636</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">864,911</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(614,508)</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">250,403</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr style="height:12pt">
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 10pt;text-indent:-9pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercise
        of options</font></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,181,942&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,633&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,633&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share-based
        compensation</font></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,475&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,475&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net
        loss</font></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23,015)</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23,015)</font></td>
    <td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr style="height:12pt">
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance&#160;&#8211;
        March 31, 2022</font></td>
    <td colspan="2" style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">238,444,578</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">875,019</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-bottom:1.5pt double #000000;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(637,523)</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;border-top:0.25pt solid #000000;padding:0 1pt"></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">237,496</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)
</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Prior
period results have been retroactively adjusted to reflect the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1&#58;26.7017</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">
stock split and the changes in par value from 0.01 NIS to no par value effected on July&#160;22, 2021.</font></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">The
accompanying notes are an integral part of the consolidated financial statements.</font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-4</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_247"></div><hr style="page-break-after:always">

<div style="min-height:45pt;width:100%">

<div>&nbsp;</div></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INTERIM
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollar in thousands (except share and per share data)</font></div>

<div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:58.293%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.901%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three
        months ended March 31,</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Cash
        flows from operating activities&#58;</font></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        loss</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,015)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,598)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Adjustments
        to reconcile net loss to net cash used in operating activities&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation
        and amortization</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">767&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share-based
        compensation</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,475&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,106&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remeasurement
        of warrant liability</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(15,330)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Decrease
        in inventory</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Decrease
        in trade receivables</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Increase
        in other accounts receivable and prepaid expenses</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,329)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(396)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Increase
        in operating lease right-of-use assets and liability</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(827)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Increase
        in trade payables</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">631&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,502&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Increase
        (decrease) in other accounts payable and accrued expenses</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,517)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">973&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt 2px 8.2pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">92&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        cash used in operating activities</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(37,142)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,217)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Cash
        flows from investing activities&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Purchase
        of property and equipment</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,290)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(325)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds
        from bank deposits</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,667&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        cash provided by (used in) investing activities</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,290)</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,342&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Cash
        flows from financing activities&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds
        from exercise of options</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,633&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds
        from exercise of warrants to preferred shares</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,350&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Transaction
        costs</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(371)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        cash provided by financing activities</font></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,633&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,979&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 15pt; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Decrease
        in cash, cash equivalents and restricted cash</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(36,799)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,896)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash,
        cash equivalents and restricted cash at beginning of year</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">276,915&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,507&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cash,
        cash equivalents and restricted cash at end of period</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">240,116&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42,611&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">The
accompanying notes are an integral part of the consolidated financial statements.</font></div>

<div style="margin-top:10pt;text-align:center"><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-5</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:45pt;width:100%">

<div>&nbsp;</div></div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">INTERIM
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollar in thousands (except share and per share data)</font></div>

<div style="text-align:center"><font><br></font></div>

<div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:58.293%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.901%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three
        Months Ended March 31,</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Non-cash
        activity&#58;</font></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="height: 12pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred
        transaction costs</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,117&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Purchase
        of property and equipment included in accounts payable or accrued</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:center"><font><br></font></div>

<div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:58.293%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.901%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three
        Months Ended March 31,</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Supplemental
        cash flow&#58; </font></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash
        received from interest</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">410&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:58.293%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.901%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31,</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:125%;text-decoration:underline">Reconciliation
        of cash, cash equivalents and restricted cash&#58;</font></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="height: 15pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash
        and cash equivalents</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,976&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,815&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restricted
        cash</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">138&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">796&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current
        restricted cash</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,002&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total
        cash, cash equivalents and restricted cash</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">240,116&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42,611&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-6</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_250"></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div><font><br></font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_253"></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
1. GENERAL</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">REE
Automotive Ltd. was incorporated in Israel on January 16, 2011.</font></div>

<div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">REE
Automotive Ltd. has established wholly-owned subsidiaries in the United States, Germany, Japan and the United Kingdom (the &#8220;Subsidiaries&#8221;).
REE Automotive Ltd. and its subsidiaries (the &#8220;Company&#8221; or &#8220;we&#8221;) is a development stage company actively executing
our business plan and establishing strategic collaborations with industry leaders to expand our industry footprint across segments. We
are currently developing full vehicle prototypes with REEcorner</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.47pt;font-weight:700;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">TM</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">
technology, preparing to commence commercial trials of our P7 Platform.</font></div>

<div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On
February&#160;3, 2021, the Company entered into a merger agreement (the &#8220;Merger Agreement&#8221;) with 10X Capital Venture Acquisition
Corp (&#8220;10X Capital&#8221;), a Delaware corporation and special purpose acquisition company (&#8220;SPAC&#8221;), and Spark Merger
Sub, Inc., a wholly-owned subsidiary of the Company, pursuant to which Merger Sub merged with and into 10X Capital (the &#8220;Merger&#8221;).
The Merger was consummated on July&#160;22, 2021 (the &#8220;Closing Date&#8221;) with 10X Capital becoming a wholly-owned subsidiary
of the Company, and the securityholders of 10X Capital becoming securityholders of the Company.</font></div>

<div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Company became a publicly traded company listed on the Nasdaq Stock Exchange on July&#160;23, 2021, with its ordinary shares and its warrants
trading under the ticker symbols &#8220;REE&#8221; and &#8220;REEAW&#8221;.</font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_256"></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>

<div style="text-align:justify"><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Unaudited
interim consolidated financial statements</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying
unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles
(&#8220;U.S. GAAP&#8221;) for interim financial information. In the opinion of management, the unaudited interim consolidated financial
statements include all adjustments necessary for a fair presentation.</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The balance
sheet as of December&#160;31, 2021 has been derived from the audited consolidated financial statements of the Company at that date but
does not include all information and footnotes required by U.S. GAAP for complete financial statements.</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying
unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and
accompanying notes for the year ended December&#160;31, 2021.</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The significant
accounting policies disclosed in the Company&#8217;s audited 2021 consolidated financial statements and notes thereto have been applied
consistently to these unaudited interim consolidated financial statements. Results for the three months ended March&#160;31, 2022 are
not necessarily indicative of results that may be expected for the year ending December&#160;31, 2022.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use
of estimates</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation
of the unaudited interim consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses
during the reporting period. The Company&#8217;s management believes that the estimates, judgments and assumptions used are reasonable
based upon information available at the time they are made. Actual results could differ from those estimates.</font></div>

<div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
novel coronavirus&#160;(&#8220;COVID-19&#8221;)&#160;pandemic has created, and may continue to create, significant uncertainty in macroeconomic
conditions, and the extent of its impact on the Company&#8217;s operational and financial performance will depend on certain developments,
including the duration and spread of the outbreak and the impact on the Company&#8217;s customers and its sales cycles. The Company considered
the impact of&#160;COVID-19&#160;on the estimates and assumptions and </font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-7</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">determined
that there were no material adverse impacts on the consolidated financial statements for the period ended March&#160;31, 2022. As events
continue to evolve and additional information becomes available, the Company&#8217;s estimates and assumptions may change materially in
future periods.</font></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases</font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On January 1,
2022, the Company adopted ASU No. 2016-02, &#34;Leases (Topic 842)&#34;,using the modified retrospective method </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">by
applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting
periods beginning after January 1, 2022 are presented under Topic 842, while prior period amounts have not been adjusted and continue
to be reported in accordance with our historical accounting under Topic 840</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.
The Company has elected the package of practical expedients permitted under the transition guidance, which allows the Company not to reassess
(1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired
or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The
Company elected to not recognize a lease liability and a right-of-use (&#34;ROU&#34;) asset for leases with a term of twelve months or
less. Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term, not included in lease
liabilities. Lastly, the Company also elected the practical expedient to not separate lease and non-lease components for its leases.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Company determines if an arrangement is a lease and the classification of that lease at inception based on&#58; (1) whether the contract
involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits
from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. </font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ROU assets represent
the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make minimum lease payments
arising from the lease. ROU assets are initially measured at amounts, which represents the discounted present value of the lease payments
over the lease, plus any initial direct costs incurred. The lease liability is initially measured at lease commencement date based on
the discounted present value of minimum lease payments over the lease term. The implicit rate within the operating leases is generally
not determinable, therefore the Company uses its Incremental Borrowing Rate (&#34;IBR&#34;) based on the information available at commencement
date in determining the present value of lease payments. The Company's IBR is estimated to approximate the interest rate for collateralized
borrowing with similar terms and payments and in economic environments where the leased asset is located. Certain leases include options
to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability
when it is reasonably certain that the Company will exercise that option. An option to terminate is considered unless it is reasonably
certain that the Company will not exercise the option.</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments under
the Company's lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed
as incurred and not included in the operating lease right-of-use assets and liabilities. Variable lease payments are primarily comprised
of payments affected by common area maintenance and utility charges. </font></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fair
value of financial instruments</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fair
value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires
the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A
financial instrument&#8217;s classification within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Three levels of inputs may be used to measure fair value&#58;</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level
1 &#8212; quoted prices in active markets for identical assets or liabilities.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level
2 &#8212; inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities&#59;
quoted prices in markets that are not active&#59; or other inputs that are observable or can be corroborated by observable market data
for substantially the full term of the assets or liabilities.</font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-8</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level
3 &#8212; unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial
instruments consist of cash equivalents, restricted cash, other accounts receivable, trade payables, and other accounts payable and accrued
expenses. The estimated fair values of these financial instruments approximate their carrying value as presented, due to their short term
maturities. We consider public warrant liabilities to be Level 1 and private warrants are measured at fair value using Level 3 inputs.
The financial liability for the warrant liabilities are accounted for at fair value through profit and loss.</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue
recognition</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2021,
the Company generated revenues from selling its wheels for personal mobility products.</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under
ASC 606 &#8220;Revenue from contracts with customers&#8221;, the Company recognizes revenue when its customer obtains control of promised
goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services.
To determine revenue recognition for contracts that are within the scope of the standard, the Company perform the following five steps&#58;
(1) Identify the contract(s) with a customer, (2) Identify the performance obligations in the contract, (3) Determine the transaction
price, (4) Allocate the transaction price to the performance obligations in the contract and (5) Recognize revenue when (or as) the entity
satisfies a performance obligation.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The
Company recognizes revenue at the time when its customer obtains control of the promised goods which is when the performance obligation
is satisfied by transferring the promised product to the customer.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring the
products to the customer.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Company applied the practical expedient in ASC 606 and did not evaluate payment terms of one year or less for the existence of a significant
financing component.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred
revenues are recognized as (or when) the Company receives consideration prior to performing its obligations under the contract.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
April 2021, the Company entered into a strategic development agreement with a customer, pursuant to which the Company will develop and
supply REE platform prototypes. Revenue related to the agreement is deferred and will be recognized upon satisfying performance obligations
in the contract. As of March&#160;31, 2022 and December&#160;31, 2021, the Company had deferred revenues recorded of $943. The Company&#8217;s
contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive
financing from the customers.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For
contracts in which the performance obligation has an original expected duration of one year or less, the Company does not provide disclosure
on its remaining performance obligations.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fulfillment
costs are capitalized up to the amount that is expected to be recovered, and any excess amounts will be expensed as incurred. As of March&#160;31,
2022, the Company recorded capitalized costs of $943.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Contract
liabilities consisted of the following as of March&#160;31, 2022 and December&#160;31, 2021&#58;</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:57.990%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:19.051%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:19.053%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred
        revenues, non-current</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">943&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">943&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-9</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Remaining
Performance Obligation</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Company&#8217;s remaining performance obligations are comprised of the delivery of products and a material right for purchases of finished
goods not yet delivered. As of March&#160;31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations
was $943, which the Company expects to recognize as revenue. </font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently
adopted accounting pronouncements</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As
an &#8220;emerging growth company,&#8221; the Jumpstart Our Business Startups Act (&#8220;JOBS Act&#8221;) allows the Company to delay
adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private
companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect
this election.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On
January 1, 2022, the Company adopted ASU No. 2016-02, &#34;Leases (Topic 842)&#34;. Upon adoption, we recognized total right of use (&#8220;ROU&#8221;)
assets and corresponding liabilities of $8,857 on our consolidated balance sheets. The ROU assets include adjustments for prepayments
and accrued lease payments. The adoption did not impact the beginning balance of retained earnings, or prior year consolidated statements
of income and statements of cash flows.</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For
information regarding the impact of Topic 842 adoption, see Significant Accounting Policies &#8211; Leases above and Note 4 - Leases.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently
issued accounting pronouncements, not yet adopted</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
December 2019, the FASB issued ASU 2019-12 &#8220;Income Taxes (Topic 740) &#8212; Simplifying the Accounting for Income Taxes&#8221;
(&#8220;the Update&#8221;). ASU 2019-12 is intended to simplify the accounting for income taxes by removing certain exceptions to the
general principles in ASC 740. The standard will be effective for the Company beginning January 1, 2022, and interim periods in fiscal
years beginning January 1, 2023. The Company does not anticipate ASU 2019-12 will have a material impact on its consolidated financial
statements.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
June 2016, the FASB issued ASU 2016-13 &#8220;Financial Instruments &#8212; Credit Losses &#8212; Measurement of Credit Losses on Financial
Instruments.&#8221; This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected
credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. Early adoption is permitted. The Company
is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures.</font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_262"></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
3. OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:31.627%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.234%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Government
        authorities</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,736&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">897&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepaid
        expenses</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,765&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,151&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Advances
        to suppliers</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,468&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,734&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other
        receivables</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">355&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">380&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,324&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,162&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-10</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_974"></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
4. LEASES</font></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Company&#96;s leases include offices for its facilities worldwide, as well as car leases, which are all classified as operating leases.
Certain leases include renewal options that are under the Company&#96;s sole discretion. The renewal options were included in the right-of-use
assets and liabilities calculations if it was reasonably certain that the Company will exercise the option.</font></div>

<div style="margin-top:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:78.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.900%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating
        lease cost&#58; </font></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">653&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Short-term
        lease cost&#58; </font></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">138&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Variable
        lease cost&#58; </font></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        lease cost&#58; </font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">808&#160;</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="height: 15pt; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:0 1pt"></td></tr>
  <TR STYLE="background-color: White">
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td></tr>
  <TR STYLE="background-color: White">
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <TR STYLE="background-color: White">
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cash
        paid for amounts included in the measurement of lease liabilities&#58; </font></td>
    <td colspan="3" style="padding:0 1pt"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating
        cash flows for operating leases&#58; </font></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">586&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="height: 12pt; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Supplemental
        cash flow information related to operating leases&#58; </font></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Adoption
        of &#34;Leases (Topic 842)&#34;</font></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,857&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Right-of-use
        assets obtained in exchange for new operating lease liabilities&#58;</font></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,031&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="height: 12pt; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted
        average remaining operating lease term</font></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.21&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted
        average discount rate operating lease</font></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.83&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
following table outlines maturities of the Company&#8217;s lease liabilities as of March&#160;31, 2022&#58;</font></div>

<div style="margin-top:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:78.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.900%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating
        Leases</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2022
        (remainder)</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,246&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,228&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,840&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,793&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026
        and thereafter</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,911&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total
        undiscounted lease payments</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,018&#160;</font></td>
    <td style="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 14pt; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Imputed
        interest</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,966&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="height: 14pt; background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Present
        value of lease liabilities</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,052&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
March 2022, the Company entered into a lease commitment which has not yet commenced as of March&#160;31, 2022, and is therefore not part
of the right-of-use asset and liability. This lease has an undiscounted future payments of approximately $11,000. The lease is expected
to commence during the second half of 2022 for a 10 year period.</font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-11</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_268"></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:31.627%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.234%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Employees
        and payroll accruals</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,381&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,262&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Professional
        fees</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">523&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">600&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non
        recurring engineering</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,526&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,800&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Government
        authorities</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,054&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">648&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other
        payables</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,017&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,708&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,501&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,018&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div><font><br></font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_274"></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
6. COMMITMENTS AND CONTINGENT LIABILITIES</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Commitments</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
following table summarizes REE&#8217;s contractual obligations and other commitments for cash expenditures as of March&#160;31, 2022,
and the years in which these obligations are due. Certain obligations are reflected in our balance sheet, while other are disclosed as
future obligations. This table is not meant to represent a forecast of our total cash expenditures for any of the periods presented.</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:70.566%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:27.234%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Purchase
        commitments</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2022</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,063&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026
        and thereafter</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,063&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Open
purchase orders that are cancellable are not considered unconditional purchase obligations for financial reporting purposes and are not
included in the table above. Such purchase orders often represent authorizations to purchase rather than binding agreements. </font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
addition, REE enters into agreements in the normal course of business with vendors to perform various services, which are generally cancellable
upon written notice. These payments are not included in this table of contractual obligations.</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Guarantee</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A
short-term guarantee in the amount of approximately $138 was issued by a bank to secure the Company&#8217;s office rent and credit cards
payments. Long-term guarantees of $5,171 were recorded within Non-restricted cash and Other Accounts Receivable to secure the Company&#8217;s
office and manufacturing locations.</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Royalty
bearing grants</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Company&#8217;s research and development efforts have been partially financed through grants from the Israel Innovation Authority (&#8220;IIA&#8221;)
for the technology related to the Softwheel products. In 2021, the Company applied to the IIA and was approved to update the definition
of royalties set for the Company, so that the Company will be obligated to pay royalties solely on revenues generated from Softwheel products
(and not the Company&#8217;s automotive activity). Under the research and development agreements with the IIA and pursuant to applicable
laws, the Company is required to pay royalties at the </font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-12</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">rate
of 3-5% on sales of products developed with funds provided by the IIA. Such royalties are due up to an amount equal to 100% of the IIA
grants received, linked to the U.S. dollar plus interest on the unpaid amount received based on the 12-month LIBOR rate (from the year
the grant was approved) applicable to U.S. dollar deposits. If the Company returns to production of these products outside of Israel and
generates sales, the ceiling will increase based on the percentage of production that is outside of Israel, up to a maximum of 300% of
the IIA grants, linked to the dollar and bearing interest as noted above. If the Company does not generate sales of products developed
with funds provided by the IIA, the Company is not obligated to pay royalties or repay the grants. For the three months March&#160;31,
2022 and 2021, no expenses were recorded.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As
of March&#160;31, 2022, the Company&#8217;s remaining contingent obligation with respect to royalty-bearing participation received or
accrued, net of royalties paid or accrued, were $722, respectively.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
2018, the Company signed a research and development agreement with the Israel-United States Binational Industrial Research and Development
Foundation (&#8220;BIRD&#8221;) for the technology related to Softwheel products. Under this agreement, the Company is required to pay
royalties at a rate of 5% of the sales of products developed with funds provided by BIRD up to an amount equal to 150% of the aggregate
dollar amount of the grants received linked to the U.S. consumer price index. For the three months March&#160;31, 2022 and 2021, no expenses
were recorded.</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As
of March&#160;31, 2022, the BIRD contingent liability with respect to royalty-bearing participation received or accrued, net of royalties
paid or accrued, totaled $433.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Legal
proceedings</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. Although
it cannot predict with assurance the outcome of any litigation, it does not believe there are currently any such actions that, if resolved
unfavorably, would have a material impact on its financial condition, results of operations, or cash flows.</font></div>

<div><font><br></font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_277"></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
7. SHAREHOLDERS&#8217; EQUITY</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Composition
of share capital&#58;</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:32.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:15.112%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:15.112%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:15.112%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:15.113%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December
        31, 2021</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Authorized</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Issued
        and outstanding</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Authorized</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Issued
        and outstanding</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Number
        of shares</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Number
        of shares</font></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Class A Ordinary
        shares, no par value </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,000,000,000&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,444,578&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,000,000,000&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">234,262,636&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Class B Ordinary
        shares, no par value </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font></div></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">83,417,110&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">83,417,110&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">83,417,110&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">83,417,110&#160;</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,083,417,110&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">321,861,688&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,083,417,110&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">317,679,746&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr style="height:15pt">
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr>
  </table></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)
</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each Class
A Ordinary Share has the right to exercise one vote, to participate pro rata in all the dividends declared by the Board of Director&#8217;s
of the Company and the rights in the event of the Company&#8217;s winding up are to participate pro-rata in the total assets of the Company.</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:107%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">
Class B Ordinary Shares, which are held by the founders, are entitled to cast ten votes per each Class B Ordinary Share held as of the
applicable record date. Specific actions set forth in REE&#8217;s Amended and Restated Articles may not be effected by REE without the
prior affirmative vote of 100% of the outstanding REE Class B Ordinary Shares, voting as a </font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-13</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">separate
class. Each Class B Ordinary Shares will be automatically suspended upon the tenth anniversary of the closing of the Merger. There are
no economic or participating rights to this class of shares.</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Equity
transactions</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
the three months ended March&#160;31, 2021, certain investors exercised their Preferred B warrants at a price of $0.27 per share. Such
investors paid a total of $2,350 in exchange for 8,619,406 Preferred B shares of the Company.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In
April 2021, the Company entered into a strategic collaboration agreement with a strategic partner regarding the ability to work with the
Company to develop new markets and new business models for REE&#8217;s corner module technology and design (the &#8220;Strategic Partner&#8221;).
In June 2021 and August 2021 the Company issued to the Strategic Partner 1,989,622 and 370,479 ordinary shares, respectively, and had
agreed to issue additional ordinary shares to be issued to the Strategic Partner upon the achievement of certain revenue and production
milestones, which will require the Company to obtain definitive purchase orders from third-party customers. As a result, the Company recorded
share-based compensation expenses in the amount of $18,802 in selling, general and administrative expenses.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On
August&#160;16, 2021, the Board of Directors approved the issuance of 250,000 shares issued to an affiliate of Cowen and Company, LLC
(&#8220;Cowen&#8221;) in consideration for advisory services provided by Cowen in connection with the Merger Agreement.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
share-based compensation expense recognized in the Company&#8217;s consolidated statements of operations are as follow&#58;</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:55.263%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:20.415%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:20.416%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three
        months ended</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost
        of sales</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">70&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Research
        and development</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,207&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,645&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Selling,
        general and administrative</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,198&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,461&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000000 1pt solid; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000000 1pt solid; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,475&#160;</font></td>
    <td style="border-top: #000000 1pt solid; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000000 1pt solid; border-bottom: #000000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000000 1pt solid; border-bottom: #000000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,106&#160;</font></td>
    <td style="border-top: #000000 1pt solid; border-bottom: #000000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_283"></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
8. INCOME TAXES</font></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
main reconciling item between the statutory tax rate of the Company and the effective tax rate are the non-recognition of tax benefits
from accumulated net operating loss carryforward of the Company due to the uncertainty of the realization of such tax benefits and the
unrecognized tax positions recorded in the period. </font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Income taxes
are comprised as follows&#58;</font></div>

<div><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-14</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:31.627%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.234%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2021</font></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current</font></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">594&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: White">
    <td colspan="3" style="display:none"></td>
    <td colspan="3" style="display:none"></td>
    <td colspan="3" style="display:none"></td>
    <td colspan="3" style="display:none"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">594&#160;</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="height: 15pt; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2021</font></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <TR STYLE="background-color: White">
    <td colspan="3" style="display:none"></td>
    <td colspan="3" style="display:none"></td>
    <td colspan="3" style="display:none"></td>
    <td colspan="3" style="display:none"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign</font></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">594&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">594&#160;</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="height: 13pt; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        loss before income tax</font></td>
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(22,421)</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="2" STYLE="border-top: #000 1pt solid; padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,598)</font></td>
    <TD STYLE="border-top: #000 1pt solid; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Effective
        tax rate</font></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.65)</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr>
  <TR STYLE="height: 13pt; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td></tr>
  </table></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Uncertain
tax positions</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A reconciliation
of the opening and closing amounts of total unrecognized tax benefits is as follows&#58; </font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:31.627%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.234%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Opening
        balance</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">856&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Tax
        positions taken in current year</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">418&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">856&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ending
        Balance</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,274&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">856&#160;</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Company recognizes interest and penalties, if any, related to unrecognized tax positions in income tax expense. </font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_286"></div>

<div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
9. FAIR VALUE MEASUREMENTS</font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Warrants
liability</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">As
of March&#160;31, 2022, there were 15,562,500 public and private warrants outstanding. The warrants entitle the holder to purchase one
Class A ordinary share of REE Automotive Ltd at an exercise price of $11.50 per share. Until warrant holders acquire the Company&#8217;s
Class A ordinary shares upon exercise of such warrants, they will have no rights with respect to the Company&#8217;s ordinary shares.
The warrants will expire on July&#160;22, 2026, five years after the Merger closing date, or earlier upon redemption or liquidation in
accordance with their terms.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Public
Shareholders&#8217; Warrants</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each
whole warrant will entitle the registered holder to purchase one share of Class A Ordinary Shares. No fractional warrants will be issued
and only whole warrants will trade. The Company is not obligated to deliver any Class A Ordinary Shares pursuant to the exercise of a
warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect
to the Class A Ordinary Shares underlying the warrants is then effective and a prospectus relating thereto is current. No warrant will
be exercisable and the Company will not be obligated to issue a share of Class A Ordinary Shares upon exercise of a warrant unless the
share of Class A Ordinary Shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the registered holder of the warrants. In no event is the Company required to net cash settle any warrant.
During any period if the Company has failed to maintain an effective registration statement, warrant holders will be able to, until such
time there is an effective registration statement, exercise their warrants on a &#8220;cashless basis.&#8221;</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Once
the warrants become exercisable, the Company may call the warrants for redemption&#58;</font></div>

<div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">in
whole and not in part&#59;</font></div>

<div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">at
a price of $0.01 per warrant&#59;</font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-15</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">upon
not less than 30 days&#8217; prior written notice of redemption (the &#8220;30-day redemption period&#8221;) to each warrant holder&#59;
and</font></div>

<div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">
if, and only if, the closing price of the common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading
day period ending three business days before the Company sends to the notice of redemption to the warrant holders.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">If
and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If
the Company calls the warrants for redemption for cash the Company&#8217;s management will have the option to require any holder that
wishes to exercise his, her or its warrant to do so on a &#8220;cashless basis.&#8221; If the Company&#8217;s management takes advantage
of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class
A Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the warrants,
multiplied by the excess of the &#8220;fair market value&#8221; of Class A Ordinary Shares over the exercise price of the warrants by
(y) the fair market value. The &#8220;fair market value&#8221; will mean the average closing price of the Class A Ordinary Shares for
the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-16</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
9. FAIR VALUE MEASUREMENTS </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(cont.)</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Private
Shareholders&#8217; Warrants</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The
private warrants are identical to the public warrants except that the private warrants and the shares of ordinary shares issuable upon
the exercise of the private placement warrants were only able to be transferable, assignable or saleable 30 days after the consummation
of the Merger. The private warrants (including the Class A Ordinary Shares issuable upon exercise of the private placement warrants) will
be exercisable for cash or on a cashless basis, at the holder&#8217;s option.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If
holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
his, her or its warrants for that number of shares of Class A Ordinary Shares equal to the quotient obtained by dividing (x) the product
of the number of shares of Class A Ordinary Shares underlying the warrants, multiplied by the excess of the &#8220;fair market value&#8221;
of Class A Ordinary Shares over the exercise price of the warrants by (y) the fair market value. The &#8220;fair market value&#8221; means
the average closing price of the Class A Ordinary Shares for the 10 trading days ending on the third trading day prior to the date on
which the notice of warrant exercise is sent to the transfer agent.</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fair
value of warrants liability</font></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The
Company measures and reports its private and public warrants at fair value. The fair value of the Company&#8217;s financial assets and
liabilities reflects management&#8217;s estimate of amounts that the Company would have received in connection with the sale of the assets
or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date.
</font></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
following table presents information about the Company&#8217;s assets and liabilities that are measured at fair value on a recurring basis
at March&#160;31, 2022 and December&#160;31, 2021 and indicates the fair value hierarchy of the valuation inputs the Company utilized
to determine such fair value&#58;</font></div>

<div style="margin-top:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:36.324%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:10.869%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:23.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:23.901%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Description</font></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level</font></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Liabilities&#58;</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 0 1pt"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Warrant
        Liability&#160;&#8211; Public Warrants</font></td>
    <td colspan="3" style="padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,119&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,364&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Warrant
        Liability&#160;&#8211; Private Warrants</font></td>
    <td colspan="3" style="padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,585&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,670&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The
fair value of the Public Warrants is determined with reference to the prevailing market price for warrants that are trading on Nasdaq
under the ticker REEAW.</font></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
Private warrants were valued using a Modified Black Scholes Option Pricing Model, which is considered to be a Level 3 fair value measurement.
The Modified Black Scholes model&#8217;s primary unobservable input utilized in determining the fair value of the Private warrants is
the expected volatility of the Class A ordinary shares. The expected volatility was implied from a blend of the Company&#8217;s own share
and Public warrant pricing and the average historical share volatilities of several unrelated public companies within the Company&#8217;s
industry that the Company considers to be comparable to its own business .</font></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There
were no transfers in or out of Level 3 from other levels in the fair value hierarchy.</font></div>

<div style="margin-top:10pt;text-align:justify"><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-17</font></div></div></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE
9. FAIR VALUE MEASUREMENTS </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(cont.)</font></div>

<div style="text-align:justify"><font><br></font></div>

<div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
following table provides the inputs used for Level 3 fair value measurements&#58;</font></div>

<div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:31.627%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.233%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:32.234%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Audited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share price</font></div></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.90&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.55&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Strike price</font></div></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.50&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.50&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Term (in years)</font></div></td>
    <td colspan="3" style="padding: 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.3</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="padding: 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.6</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Volatility</font></div></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80.0&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">65.0&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Risk-free rate</font></div></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.4&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.2&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom">
        <div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dividend yield</font></div></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.0&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.0&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</font></td></tr>
  </table></div>

<div style="margin-top:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The
following table presents the changes in the fair value of Level 3 warrant liabilities&#58;</font></div>

<div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:48.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:48.900%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Private
        Placement</font></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fair
        value as of January 1, 2022</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,670&#160;</font></td>
    <td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Change
        in fair value</font></td>
    <td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,085)</font></td>
    <td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  <tr>
    <td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fair
        value as of March 31, 2022</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,585&#160;</font></td>
    <td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr>
  </table></div>

<div style="margin-top:10pt"><font><br></font></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_289"></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE 10. FINANCIAL
INCOME, NET</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:62.990%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:16.324%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.860%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:16.326%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three
        months ended</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2021</font></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="3" style="border-top: #000 1pt solid; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest
        income and bank fees, net</font></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(240)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign
        currency translation adjustments - expense (income)</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(362)</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest
        expense</font></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">130&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td colspan="2" style="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td>
    <td style="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial
        income, net </font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(472)</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <td colspan="3" style="padding: 0 1pt"></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4)</font></td>
    <td style="border-top: #000 1pt solid; border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div><font><br></font></div>

<div><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-18</font></div></div></div>

<div id="i4d6a0dc05435497f9db3893341dff0d1_292"></div><hr style="page-break-after:always">

<div style="min-height:108pt;width:100%">

<div style="margin-top:12pt">&nbsp;</div>

<div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REE
AUTOMOTIVE LTD. AND ITS SUBSIDIARIES</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARCH&#160;31,
2022</font></div>

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S.
dollars in thousands (except share and per share data)</font></div></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE 11. BASIC
AND DILUTED NET LOSS PER SHARE </font></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following
table sets forth the computation of basic and diluted losses per share&#58;</font></div>

<div><font><br></font></div>

<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%">
  <tr>
    <td style="width:1.0%"></td>
    <td style="width:58.293%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.900%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.1%"></td>
    <td style="width:0.406%"></td>
    <td style="width:0.1%"></td>
    <td style="width:1.0%"></td>
    <td style="width:18.901%"></td>
    <td style="width:0.1%"></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three
        months ended</font></td></tr>
  <tr>
    <td colspan="3" style="padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2022</font></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td>
    <td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">March
        31, 2021</font></td></tr>
  <tr>
    <td colspan="3" style="padding: 0 1pt; background-color: White"></td>
    <td colspan="3" style="border-top: #000 1pt solid; background-color: White; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td>
    <td colspan="3" style="padding: 0 1pt; background-color: White"></td>
    <td colspan="3" style="border-top: #000 1pt solid; background-color: White; padding: 2px 1pt; text-align: center; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Unaudited)</font></td></tr>
  <tr>
    <td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Numerator&#58;</font></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr>
  <tr style="height:15pt">
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td>
    <td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net
        loss for basic and diluted loss per share</font></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,015)</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD STYLE="padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,598)</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="height: 15pt; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Denominator&#58;
        </font></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td></tr>
  <TR STYLE="height: 15pt; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted
        average number of Class A ordinary and preferred shares used in computing basic and diluted net loss per share</font></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">289,747,646&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="2" STYLE="padding: 2px 0 2px 1pt; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">193,705,500&#160;</font></td>
    <TD STYLE="padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  <TR STYLE="height: 15pt; background-color: White">
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD COLSPAN="3" STYLE="border-top: #000 3pt double; padding: 0 1pt"></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding: 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic
        and diluted net loss per Class A ordinary and preferred shares </font></td>
    <TD STYLE="border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.08)</font></td>
    <TD STYLE="border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td>
    <TD COLSPAN="3" STYLE="padding: 0 1pt"></td>
    <TD STYLE="border-bottom: #000 3pt double; padding: 2px 0 2px 1pt; text-align: left; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td>
    <TD STYLE="border-bottom: #000 3pt double; padding: 2px 0; text-align: right; vertical-align: bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.07)</font></td>
    <TD STYLE="border-bottom: #000 3pt double; padding: 2px 1pt 2px 0; text-align: right; vertical-align: bottom"></td></tr>
  </table></div>

<div><font><br></font></div>

<div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three
months ended March&#160;31, 2022 and 2021, the Company was in a loss position and therefore all its potential shares were antidilutive.
The total weighted average number of shares related to the outstanding options and warrants excluded from the calculation of diluted loss
per share due to their anti-dilutive effect was 75,668,039 and 65,395,603 for the three months ended March&#160;31, 2022 and 2021.</font></div>

<div><font><br></font></div>

<div style="height:45pt;position:relative;width:100%">

<div style="bottom:0;position:absolute;width:100%">

<div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-19</font></div></div></div>

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