Welcome to our dedicated page for Vicinity Motor news (Ticker: VEV), a resource for investors and traders seeking the latest updates and insights on Vicinity Motor stock.
Vicinity Motor Corp. (NASDAQ:VEV) is a prominent North American manufacturer and supplier of electric and clean-diesel vehicles. The company specializes in the design, engineering, and production of mid-size buses tailored for transit authorities and commercial enterprises, primarily in Canada and the United States. Vicinity Motor Corp. leverages its established dealer network and partnerships with world-class manufacturing entities to offer a diverse range of high-quality vehicles, including the flagship Vicinity buses and the VMC 1200 electric truck.
Founded with a commitment to affordability, accessibility, and environmental responsibility, Vicinity Motor Corp. has consistently pushed the envelope in the transportation sector. The company's Vicinity buses, available in 27.5, 30, and 35-foot models, are powered by clean diesel or CNG and are designed to reduce harmful emissions while being cost-effective. These buses operate extensively across various provinces in Canada and have also made a significant entry into the U.S. market as a Buy America compliant manufacturer.
Recently, Vicinity Motor Corp. has embarked on several noteworthy initiatives and achievements:
- On April 18, 2024, the company announced a $2,000,000 unsecured loan agreement to support its growth and operational needs.
- Brent Phillips was appointed as President on April 18, 2024, to lead the company's sales, assembly, procurement, and engineering teams, marking a new phase of growth and strategic focus.
- The company extended its compliance period with Nasdaq to meet the minimum bid price requirement, ensuring continued listing and trading of its shares.
- Vicinity Motor Corp. signed a new distribution agreement with RJames Management Group Ltd to launch RJames Vicinity Truck, expanding its commercial truck business into the crucial last-mile class 3 electric truck segment in British Columbia, Canada.
- The company successfully deferred CAD$5.8 million in debenture repayments, reflecting flexibility in its financial strategies to support near-term liquidity goals.
- In the first quarter of 2024, Vicinity Motor Corp. achieved a remarkable 400% revenue growth, driven by the delivery of 44 VMC 1200 electric trucks and 22 Vicinity™ Classic transit buses.
- The VMC 1200 electric truck will be showcased at the Advanced Clean Transportation Expo in Las Vegas, highlighting its commitment to advancing clean transportation solutions.
- The VMC 1200 completed all applicable U.S. Federal Motor Vehicle Safety Standards (FMVSS) testing and EPA Vehicle Certification, paving the way for sales across the United States, with expected upcoming CARB approval to further enhance market opportunities.
Through its innovative products and strategic initiatives, Vicinity Motor Corp. continues to solidify its position as a leader in the commercial electric vehicle market, driving forward with a vision of sustainable and efficient transportation solutions.
Vicinity Motor Corp. (NASDAQ:VEV) announced the resignation of its entire Board of Directors following a Receivership petition granted to Royal Bank of Canada by the Superior Court of British Columbia on October 21, 2024. The board members, including Joseph Miller, Andrew Imanse, William Trainer, Chris Strong, James White, and John LaGourgue, resigned after receiving no contact from the appointed Receiver(s). Chief Financial Officer Tina Stewart has also stepped down from her position. The Receivership appointment triggered these resignations as it constitutes a 'Change of Control' event.
Vicinity Motor Corp (NASDAQ:VEV) has received a delisting notice from Nasdaq due to two factors: failure to maintain the minimum bid price requirement of $1 and its recent entry into receivership under the Supreme Court of British Columbia's order. The company will not appeal the decision, and trading of its common shares will be suspended on October 31, 2024. A Form 25-NSE will be filed with the SEC to remove Vicinity Motor from the Nasdaq Capital Market.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) has announced that Royal Bank of Canada (RBC) intends to file a receivership order on Monday, October 21, 2024. Simultaneously, PricewaterhouseCoopers LLP has resigned as the Company's auditor. The company anticipates that the BC Securities Commission will cease trading of Vicinity Motor Corp. common stock by the same date. This series of events signals significant financial and operational challenges for the company, potentially impacting its ability to continue normal business operations and maintain its stock market listing.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, announced unsuccessful negotiations with Royal Bank of Canada (RBC) and Export Development Canada (EDC) for credit facility renewals. The company faces potential receivership enforcement, which may lead to layoffs and cessation of operations. RBC's restrictions have severely constrained Vicinity's ability to manage finances and operations.
The Workout Plan period concludes on October 11, 2024, without a successful financial restructuring. Vicinity also updated on its management cease trade order (MCTO) related to late filing of interim financial statements. If the company fails to file by October 18, 2024, a broad failure to file cease trade order may be issued, halting all share trading in Canada.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has provided an update on its late filing of interim financial statements. The British Columbia Securities Commission granted a management cease trade order (MCTO) on August 15, 2024, restricting the CEO and CFO from trading company securities until the Interim Filings are submitted and the MCTO is revoked. The company expects to finalize the Interim Filings by October 11, 2024, coinciding with the end of its 60-day workout and financial restructuring plan.
Vicinity Motor Corp. is complying with alternative information guidelines, including bi-weekly default status reports. An insider trading blackout has been imposed pending the filing. The company confirms no material changes since the initial announcement, no other specified defaults, and no insolvency proceedings, though it has entered into a workout and financial restructuring plan with secured lenders.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has provided an update on its late filing of interim financial statements. The company received a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission on August 15, 2024, restricting the CEO and CFO from trading company securities. Vicinity Motor expects to file the required documents by October 11, 2024, coinciding with the end of its 60-day workout and financial restructuring plan.
The company is complying with alternative information guidelines, including bi-weekly default status reports. An insider trading blackout has been imposed pending the filing. Vicinity Motor confirms no material changes since the initial announcement, no other defaults under NP 12-203, and no undisclosed material information. The company is not subject to insolvency proceedings but has entered a workout and financial restructuring plan with secured lenders.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) will showcase its VMC 1200 Class 3 Electric Truck at the Everything Electric Canada show from September 6-8, 2024, at the Vancouver Convention Centre. The company will exhibit alongside dealer partner Pioneer Motor Group at booth #CV50. This global event, organized by Fully Charged SHOW, focuses on promoting EVs, renewable energy, and sustainable tech. With an expected attendance of 25,000, up from 17,000 last year, the show presents a significant opportunity for Vicinity to showcase its electric vehicle to potential customers and fleet operators worldwide.
Vicinity Motor Corp (NASDAQ:VEV, TSXV:VMC), a North American supplier of commercial electric vehicles, has provided an update on its delayed filing of quarterly financial statements. The company's principal regulator, the British Columbia Securities Commission, granted a Management Cease Trade Order (MCTO) on August 15, 2024. This order restricts the CEO and CFO from trading company securities until the interim filings are completed and the MCTO is revoked.
Vicinity Motor expects to finalize the interim filings by September 13, 2024. The company has implemented an insider trading blackout and will issue bi-weekly default status reports. Additionally, Vicinity Motor has entered into a workout and financial restructuring plan with its secured lenders, as disclosed on August 21, 2024.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial buses and electric vehicles, has reached an agreement with its secured lenders to execute a workout and financial restructuring plan. This plan aims to address outstanding credit facilities and progress towards financial stability. The company and its secured lenders, including Royal Bank of Canada and Export Development Canada, have agreed to a 60-day workout period.
During this time, Vicinity will return to operations, discussing revenues, debt structures, and reorganization initiatives with the lenders. The company expects to enter into a restructuring plan that may include agreements for payment and creditor rights. Vicinity will focus on preserving asset value, executing in-process deliveries, and maintaining technical and parts support programs.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has requested a temporary Management Cease Trade Order (MCTO) from the British Columbia Securities Commission. This request is due to an anticipated delay in filing its interim financial statements and MD&A for the six months ended June 30, 2024. The delay stems from the company's need to address the August 9, 2024 demand for payment from secured creditors and their notice of intention to enforce security.
Vicinity Motor Corp. expects to finalize the interim filings by September 13, 2024. The company has imposed an insider trading blackout and will comply with alternative information guidelines. Additionally, the company has temporarily laid off 55 employees across Canada and the United States to address immediate liquidity concerns.
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