Brief: Xos And ElectraMeccanica Announce Proposed Combination To Accelerate Xos’ Leadership Position In Manufacturing Commercial Electric Vehicles For Major U.S. Fleet Customers

Electrameccanica Vehicles

11/01/2024 16:39

Jan 11 (Reuters) - Electrameccanica Vehicles Corp
 SOLO.O :
    * XOS AND ELECTRAMECCANICA ANNOUNCE PROPOSED COMBINATION TO
ACCELERATE XOS’ LEADERSHIP POSITION IN MANUFACTURING COMMERCIAL
ELECTRIC VEHICLES FOR MAJOR U.S. FLEET CUSTOMERS
    * XOS INC - MEMBERS OF BOARDS OF DIRECTORS OF BOTH COMPANIES
UNANIMOUSLY APPROVED PROPOSED TRANSACTION
    * XOS - XOS DELIVERED A RECORD 110 UNITS TO FLEET CUSTOMERS
IN Q4
OF 2023, INCLUDING FEDEX GROUND, UPS, AND LOOMIS, ACHIEVING 90%
YEAR-OVER-YEAR GROWTH
    * XOS INC: FOLLOWING CLOSE OF TRANSACTION,
ELECTRAMECCANICA'S
SHAREHOLDERS WILL OWN ABOUT 21.0% OF XOS
    * XOS INC - ENTERED INTO A DEFINITIVE ARRANGEMENT AGREEMENT
    * XOS INC - CO AND ELECTRAMECCANICA, HAVE ENTERED INTO A
DEFINITIVE ARRANGEMENT AGREEMENT
    * XOS INC - PURSUANT TO AGREEMENT XOS WILL ACQUIRE ALL OF
ISSUED
AND OUTSTANDING COMMON SHARES OF ELECTRAMECCANICA IN AN
ALL-STOCK TRANSACTION
    * XOS INC: BOARD OF DIRECTORS OF COMBINED CO TO CONSIST OF 9
DIRECTORS, WITH 6 DIRECTORS DESIGNATED BY XOS & 3 DIRECTORS
DESIGNATED BY ELECTRAMECCANICA
    * XOS INC -MANAGEMENT TEAM OF XOS WILL CONTINUE TO MANAGE
BUSINESS
OF COMBINED COMPANY FOLLOWING COMPLETION OF TRANSACTION

Source text for Eikon:  ID:nGNXcfKZfQ 
Further company coverage:  SOLO.O 

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