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REE Automotive Ltd. (Nasdaq: REE) is an innovative automotive technology company that is redefining electric mobility. Headquartered in Tel Aviv, Israel, REE specializes in developing next-generation electric vehicle (EV) platforms. These platforms are characterized by their flat, scalable, and modular design, which offers customers unparalleled freedom in vehicle design. This enables the creation of a wide range of electric, autonomous, and mobility-as-a-service (MaaS) vehicles tailored for various applications, including last-mile delivery, light to heavy-duty logistics, and robo-taxis.
REE has two core technological innovations: the REEcorner® and the REEboard®. The REEcorner integrates all traditional vehicle components—such as steering, braking, suspension, and the e-motor—into the arch of the wheel. The REEboard is a completely flat and modular platform. This innovative approach offers numerous customer benefits, including design freedom, packaging efficiency, increased energy efficiency, faster development times, compatibility with advanced driver-assistance systems (ADAS), reduced maintenance costs, and compliance with global safety standards.
REE's technology is cost-efficient and supported by a robust network of Tier 1 partners, giving the company access to 320 global production sites. The company's geographical focus spans Israel, Germany, the United States, the United Kingdom, and other regions, enabling a broad market reach.
REE Automotive has recently achieved significant milestones, including receiving FMVSS and EPA certification for its fully by-wire electric trucks and platforms. The company's Class 4 P7-C chassis cab has also been certified by the California Air Resources Board (CARB), making it eligible for substantial state and federal incentives.
Furthermore, REE's P7-C has garnered attention from major industry players like Penske Truck Leasing and U-Haul International, Inc., who are integrating REE's electric trucks into their fleets. REE's recent partnerships with dealers across North America, including Kaizen Automotive Group and Macnab EV Sales Corp, have expanded its authorized dealer network to 66 locations.
The company's financial condition is robust, with a current order book value surpassing $50 million. REE is on track to deliver its next-generation P7-S stripped chassis to fleets and OEMs, designed to improve delivery efficiencies and fleet management.
REE Automotive continues to push the boundaries of e-mobility with its patented by-wire technology for drive, steer, and brake control, eliminating the need for mechanical connections. The company's platforms are future-proof, autonomous-capable, and designed to drastically reduce the time to market for fleets looking to electrify, offering a low total cost of ownership (TCO).
REE Automotive, Ltd. (NASDAQ: REE) announced it will release its fourth quarter 2022 financial results before the NASDAQ market opens on March 16, 2023. A conference call is scheduled for the same day at 8:30 a.m. Eastern time to discuss the results and recent developments. Participants can access the call through the company's Investors section on their website. REE is focused on providing electric vehicle platforms and aims to revolutionize the industry with its unique modular design that integrates multiple vehicle components into a compact module, enhancing space and efficiency for electric vehicles.
REE Automotive Ltd. (Nasdaq: REE) has announced the first U.S. dealers set to offer its Powered by REE electric vehicles, with initial deliveries expected in Q4 2023. New dealers include Pritchard EV, Tom’s Truck Center, Industrial Power & Truck Equipment (IPT), and New England Truck Solutions (NETS). REE has partnered with Mitsubishi HC Capital America to streamline financing for these dealers. The company plans to expand its dealer network to accelerate electric vehicle adoption. REE's modular P7 platform supports various vehicle types and includes advanced features like REEcorners™ technology for enhanced performance.
REE Automotive Ltd. (NASDAQ: REE) announced it received a notice of deficiency from Nasdaq due to non-compliance with Listing Rule 5605(c)(2)(A), following the departure of Ms. Lilach Geva-Harel from its audit committee. This departure leaves the Company with only two committee members instead of the required three. Nasdaq has granted REE a cure period until the earlier of its next annual shareholders’ meeting or January 5, 2024, to regain compliance. REE is currently seeking to fill the vacancy by appointing an additional independent director to its audit committee within this timeframe.
Microvast Holdings (NASDAQ: MVST) has partnered with REE Automotive (NASDAQ: REE) to provide MV-C Gen 4 lithium-ion battery packs for REE’s P7 commercial electric vehicle platforms. This collaboration will be displayed at NTEA Truck Week from
REE Automotive Ltd. (NASDAQ: REE) announced significant progress in its commercialization of the Proxima and P7-B box trucks, securing initial orders from major US fleets. The company is on track for production to start in the second half of 2023, with a build-out of its integration center in the UK completed. REE reported a GAAP net loss of $33.5 million for Q3 2022, an increase from $25.2 million in the previous quarter, but has sufficient liquidity of $185.1 million to support its commercial activities. The company reiterates its full-year non-GAAP operating expense guidance of $100-$120 million.
REE Automotive Ltd. (NASDAQ: REE) received a notification from Nasdaq on November 7, 2022, indicating non-compliance with the Minimum Bid Price Requirement due to its Class A Ordinary Shares closing below $1.00 for 30 consecutive business days. This notice does not affect the current listing. REE has a 180-day Compliance Period to regain compliance, with the possibility of an additional extension by moving to the Nasdaq Capital Market if necessary. The company will monitor its share price and explore options to regain compliance.
REE Automotive (NASDAQ: REE) will release its third quarter 2022 financial results on November 16, 2022, before NASDAQ opens. A webcast and conference call are scheduled at 8:30 AM ET on the same day to discuss the results and recent events. The event can be accessed via the Investors section of REE's website. REE Automotive specializes in electric vehicle platforms, offering modular designs that allow for customizable vehicle configurations.
REE Automotive Ltd. (NASDAQ: REE) announced the results of its exchange offer and consent solicitation concerning its public and private placement warrants, which expired on September 22, 2022. Approximately 13,065,941 warrants were validly tendered. REE will accept these warrants for exchange, expected on October 6, 2022. The company received approval from around 84% of public and 82% of private placement warrants for a Warrant Amendment, allowing a post-offer exchange of 0.18 Class A shares per warrant on October 10, 2022. The SEC declared the related registration statement effective on September 21, 2022.
REE Automotive Ltd. has launched an exchange offer and consent solicitation for its outstanding public and private placement warrants. The aim is to simplify its capital structure and mitigate the dilutive effects of these warrants, providing greater operational financing flexibility. The exchange offer allows holders to receive 0.20 Class A ordinary shares for each warrant. If consented, the warrant agreement may be amended to convert outstanding warrants at a reduced rate of 0.18 shares. The offering period extends until September 22, 2022.
REE Automotive Ltd. (NASDAQ: REE) announced strong customer feedback for its Proxima Powered by REE and P7-B electric vehicle platforms, with orders expected from leading delivery and logistics companies following successful evaluations. The company is on track for 2023 production, with integration centers progressing as planned. Financial highlights include a GAAP net loss of $25.2 million for Q2 2022, which reflects an increase from the previous quarter but a decrease from the same quarter last year. REE maintains an optimistic market outlook, supported by $206.8 million in liquidity.
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