Mr. David Galison reports

ATS ANNOUNCES C$163 MILLION SECONDARY OFFERING OF COMMON SHARES

ATS Corp. has entered into an agreement with a fund managed by Mason Capital Management LLC (the selling shareholder) and Scotiabank (the underwriter), acting as sole bookrunner, pursuant to which the underwriter has agreed to purchase, on a bought deal basis, 3.5 million common shares of ATS from the selling shareholder, at a price of $46.55 per share for gross proceeds to the selling shareholder of approximately $163-million. The offering is expected to close on or about April 3, 2024.

The selling shareholder has granted the underwriter an overallotment option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the offering, to purchase up to an additional 147,000 shares.

All of the shares in the offering will be sold by the selling shareholder. The company will not receive any proceeds from the sale of the shares by the selling shareholder.

The selling shareholder noted: "As a long-time investor in ATS, Mason remains committed to the company as reflected by our significant ownership stake. We are proud of the company's growth and achievements to date. We look forward to our ongoing partnership with the company's management team, board and other stakeholders to continue driving growth and increasing shareholder value, and have full confidence in management and ATS's value creation strategies."

As part of the offering, the selling shareholder has agreed, subject to certain exceptions, not to sell any shares or other securities of ATS held by the selling shareholder as of the closing for a period of 180 days from the closing.

The shares are being offered for sale pursuant to the offering in all of the provinces and territories of Canada, other than Quebec, by way of a prospectus supplement to the company's short form base shelf prospectus dated March 27, 2024. The company has filed a registration statement on Form F-10 (including the base shelf prospectus) and the prospectus supplement with the U.S. Securities and Exchange Commission in accordance with the multijurisdictional disclosure system established between Canada and the United States for the offering. Before you invest, you should read the base shelf prospectus, the prospectus supplement, when available, the documents incorporated by reference therein, the registration statement containing such documents and other documents the company has filed with the SEC for more complete information about the company and the offering. When available, these documents may be viewed at no change on SEDAR+. You may also get these documents at no charge by visiting the SEC's EDGAR.

Alternatively, copies of the registration statement, the base shelf prospectus and the prospectus supplement relating to the offering may be obtained, when available, upon request from Scotiabank, at attention: equity capital markets, 40 Temperance St., sixth floor, Toronto, Ont., M5H 0B4, by telephone at 416-863-7704 or by e-mail at equityprospectus@scotiabank.com, or from Scotia Capital (USA) Inc., 250 Vesey St., 24th floor, New York, N.Y., 10281, attention: equity capital markets, by telephone at 212-255-6854 or by e-mail at us.ecm@scotiabank.com.

About ATS Corp.

ATS is an industry-leading automation solution provider to many of the world's most successful companies. ATS uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added solutions, including preautomation and after-sales services, to address the sophisticated manufacturing automation system and service needs of multinational customers in markets such as life sciences, transportation, food and beverage, consumer products, and energy. Founded in 1978, ATS employs over 7,000 people at more than 65 manufacturing facilities and over 85 offices in North America, Europe, Southeast Asia and Oceania. The company's common shares are traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol ATS.

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