Stephen Johnston Succeeds Mark Orsmond as ElectraMeccanica’s Chief Financial Officer

Rhea-AI Summary

ElectraMeccanica announces CFO transition

Positive

• Stephen Johnston succeeds Mark Orsmond as ElectraMeccanica's CFO

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• None.

MESA, Ariz.--(BUSINESS WIRE)-- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles, today announced that its CFO, Mark Orsmond will be succeeded, effective immediately, by Stephen Johnston. Orsmond’s departure reflects a mutually-agreed transition and allows the outgoing CFO to pursue other interests, while leaving the Company’s financial reporting, cost controls and balance sheet in superior condition. Stephen Johnston, with whom Orsmond, ElectraMeccanica’s Board and the rest of its management team have been working in a consulting role since June, 2023, now will take on the business’s CFO responsibilities. Mr. Orsmond will continue to assist the Company with Johnston’s onboarding under a 60-day consulting agreement.

For more information and CEO commentary on EMV’s previously-announced, continued exploration of its options, please see the Company’s latest CEO letter.

“Mark has been a tremendous asset to the Company and our team since I came on board as CEO last December,” said Susan E. Docherty, Chief Executive Officer of ElectraMeccanica. “He joined ElectraMeccanica under its prior management team, and we appreciated his institutional knowledge and eye for highly professionalized financial reporting and cost management. We’re extremely grateful for his contributions, and for his willingness to assist with Stephen’s onboarding. We wish him and his family the best in their next chapter.”

Ms. Docherty continued: “Stephen has proven himself and his value during a complex time for ElectraMeccanica’s business, demonstrating the benefits of both his private and public-company prior CFO experiences. My management team and Board are already familiar with him, his capabilities and his skills, and he couldn’t be a better fit for us at this time. We’re delighted that he’s able to fill a critical role so seamlessly.”

Mr. Johnston most recently served as the CFO for Ideanomics (NASDAQ: IDEX), a high growth international manufacturer of two- and four-wheeled electric vehicles with operating subsidiaries in seven countries including the US, China and Italy, where he was responsible for acquisition integration as well as streamlining its financial reporting operations. Prior to that, he held CFO positions at Dura Automotive and the North American division of Tower Automotive, Tier-1 auto-industry OEM’s. He began his career at KPMG, where he ultimately became a partner focusing on materials and manufacturing for the transportation, automotive, automation, metals and engineered products sectors.

About ElectraMeccanica

ElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of environmentally efficient electric vehicles intended to enhance the urban driving experience, including commuting, delivery and shared mobility.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, our ability to identify, negotiate, and conclude strategic transactions that increase shareholder value, and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231012529182/en/

John Franklin

ir@emvauto.com

Source: ElectraMeccanica Vehicles Corp.

FAQ

Who is the new CFO of ElectraMeccanica?

Stephen Johnston is the new CFO of ElectraMeccanica.

Who was the previous CFO of ElectraMeccanica?

Mark Orsmond was the previous CFO of ElectraMeccanica.

What is the reason for Mark Orsmond's departure?

Mark Orsmond's departure reflects a mutually-agreed transition and allows him to pursue other interests.

What are Stephen Johnston's qualifications?

Stephen Johnston has prior CFO experiences in high growth international companies and a background in materials and manufacturing sectors.

What is Stephen Johnston's role in ElectraMeccanica before becoming CFO?

Stephen Johnston has been working in a consulting role with ElectraMeccanica since June 2023.