Grande West Transportation Group Announces Effective Date of Share Consolidation

Rhea-AI Summary

Grande West Transportation Group (OTCQX:BUSXF) announced that its share consolidation will take effect on March 29, 2021. This consolidation involves a ratio of one new share for every three existing shares, reducing the total outstanding shares from approximately 87.87 million to around 29.29 million. The company's trading symbol will change to VMC post-consolidation. Additionally, no fractional shares will be issued, and adjustments will be made to any outstanding warrants or stock options. Shareholders should follow instructions for exchanging their share certificates accordingly.

Positive

• None.

Negative

• Share consolidation may lead to reduced liquidity for existing shareholders.
• The overall market perception may shift negatively due to dilutive effects associated with a share consolidation.

VANCOUVER, BC / ACCESSWIRE / March 25, 2021 / Grande West Transportation Group Inc. (TSX.V:BUS)(OTCQX:BUSXF)(FRA:6LG) ("Grande West" or the "Company"), a leading supplier of electric, CNG, gas and clean diesel buses, today announces that, further to its news release dated February 25, 2021, the consolidation of the Company's common shares (the "Consolidation") and change of its corporate name to Vicinity Motor Corp. (the "Name Change") will be completed effective at market open on March 29, 2021 (the "Effective Date") on the basis of one (1) new post-Consolidation common share for every three (3) pre-Consolidation common shares (the "Ratio").

As a result of the Consolidation, the number of issued and outstanding common shares of the Company will be reduced from 87,869,613 pre-Consolidation common shares to 29,289,871 post-Consolidation common shares, subject to rounding for fractional shares. The Company's new trading symbol will be VMC and the new ISIN/CUSIP number will be CA9256541058 and 925654105, respectively.

No fractional post-Consolidation common shares will be issued pursuant to the Consolidation. All fractional shares resulting from the Consolidation will be rounded down to the nearest whole number. The number of common shares issuable under any of the Company's outstanding warrants or stock options will be adjusted proportionately upon completion of the Consolidation.

Computershare Investor Services Inc. will be issuing a Letter of Transmittal providing instructions to registered shareholders on submitting their respective share certificate(s) representing pre-Consolidation common shares in exchange for share certificates representing their post-Consolidation common shares. Until so surrendered, each share certificate representing pre-Consolidation common shares will represent the number of whole post-Consolidation common shares to which the holder is entitled as a result of the Consolidation. Shareholders holding their common shares through a bank, broker or other nominee should note that banks, brokers or other nominees may have different procedures for processing the Consolidation than those put in place by the Company and Computershare Trust Company of Canada. Accordingly, shareholders who hold common shares with banks, brokers or other nominees and have questions in this regard are encouraged to contact such persons.

About Grande West Transportation Group

Grande West Transportation Group (TSX.V:BUS) (OTCQX:BUSXF) (FRA:6LG) is a leading supplier of electric, CNG, gas and clean-diesel buses for both public and commercial enterprise use in the U.S and Canada. The Company's flagship line of Vicinity™ buses, which maintain a dominant market share in Canada, are produced by the Company's world-class manufacturing partners or at the Company's Buy America Act compliant assembly facility in Washington state. Grand West's innovative Vicinity Lightning™ EV bus, enabled through a tier-1 strategic supply agreement with BMW batteries and components, seeks to lead the global transition to more sustainable transit vehicles in the private and public markets. For more information, please visit www.grandewest.com or www.vicinitybus.com for product details.

Company Contact:

John LaGourgue
VP Corporate Development
604-288-8043
IR@grandewest.com

Investor Relations Contact:

Lucas Zimmerman or Mark Schwalenberg, CFA
MZ Group - MZ North America
949-259-4987
BUS@mzgroup.us
www.mzgroup.us

SOURCE: Grande West Transportation Group

View source version on accesswire.com:
https://www.accesswire.com/637340/Grande-West-Transportation-Group-Announces-Effective-Date-of-Share-Consolidation

FAQ

What is the effective date for Grande West Transportation Group's share consolidation?

The effective date for Grande West Transportation Group's share consolidation is March 29, 2021.

What will be the new trading symbol for Grande West after the consolidation?

The new trading symbol for Grande West after the consolidation will be VMC.

How many shares will shareholders have after the consolidation?

Shareholders will have one new share for every three pre-consolidation shares they held.

How many outstanding shares will Grande West have post-consolidation?

Post-consolidation, Grande West will have approximately 29.29 million outstanding shares.

What should shareholders do with their pre-consolidation share certificates?

Shareholders should follow the instructions provided by Computershare Investor Services Inc. for exchanging their pre-consolidation share certificates.