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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)(TSXV:VMC), a North American supplier of commercial electric vehicles, has received demand letters from Royal Bank of Canada and Export Development Canada for full payment of outstanding debt balances. RBC demands payment of USD$19,202,242 by August 19, 2024, while EDC demands immediate payment of USD$8,625,000 plus interest. The lenders have provided Notices of Intention to Enforce Security under the Bankruptcy and Insolvency Act (Canada).
Vicinity intends to pursue all available options to resolve these matters while continuing to support its customer base. The company maintained USD$77.8 million in assets as of March 31, 2024, including USD$23.5 million in Property, Plant and Equipment, USD$28.2 million in Inventory, and USD$4.3 million in cash. Vicinity aims to continue trading on NASDAQ and TSX Venture Exchange, subject to compliance with exchange requirements.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has announced its plans to release financial results for the second quarter ended June 30, 2024. The results will be disclosed after market close on Wednesday, August 14, 2024. Following the release, management will host an investor conference call at 4:30 p.m. Eastern time to discuss the Q2 2024 financial results, provide a corporate update, and answer questions from telephone participants. The call will be accessible via U.S./Canada Dial-in, International Dial-in, and webcast. A playback of the call will be available through September 14, 2024.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) has announced the first public deployment of its Autonomous Lightning Electric Transit Bus at Michigan's Sleeping Bear Dunes National Lakeshore, starting August 14th, 2024. This initiative, in partnership with ADASTEC, is part of a National Park Service Mobility Challenge Program grant. The SAE Level-4 automated bus will operate on a 4.1-mile route, offering free rides to NPS pass holders.
The project combines Vicinity's electric low-floor transit vehicles with ADASTEC's flowride.ai automated driving software. It aims to study automated bus technology in an outdoor recreational setting, potentially enhancing safety and reducing congestion. Vicinity's buses are also eligible for up to $85,000 in incentives from California's HVIP program, positioning the company to drive adoption of electric, autonomous bus solutions.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) announces that its customers are now eligible for significant U.S. IRS tax credits on their electric vehicle purchases. The Commercial Clean Vehicle Credit offers up to $7,500 for the VMC 1200 Class 3 Electric Truck and up to $40,000 for the Vicinity Lightning electric transit bus. This credit, part of the Inflation Reduction Act of 2022, aims to incentivize businesses and tax-exempt organizations to electrify their fleets. Vicinity has been approved as a 'qualified manufacturer' by the IRS, with no limit on the number of credits a business can claim. The company views this as an opportunity to attract new buyers and lower costs for those transitioning to EVs for their business.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has closed a US$2.5 million financing through a registered direct offering and concurrent private placement. The offering consisted of 4,807,692 common shares and warrants to purchase an equal number of shares at a combined price of US$0.52 per share and warrant. The warrants have an exercise price of US$0.64 and a five-year expiration. A.G.P./Alliance Global Partners acted as the sole placement agent, receiving a 6% cash commission and 240,385 non-transferable warrants. Vicinity plans to use the net proceeds for working capital and general corporate purposes.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) has secured follow-on orders for three Vicinity Classic Clean Diesel buses from two Quebec transit operators. Robert Paquette Autobus et Fils Inc. ordered one bus, while Les Autobus Transcobec (1987) Inc. ordered two. These buses, set for delivery in 2025, will serve the communities of Mirabel and Saint-Jérôme under the Canadian public transit agency EXO.
The Vicinity Classic is noted for its 90% market penetration in the Canadian mid-sized heavy-duty segment, offering low upfront costs, durability, and fuel savings. This order reinforces the bus's status as a reliable choice for transit operators and provides a foundation for Vicinity's expanding product line, including electric vehicles.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has announced a US$2.5 million registered direct offering of common shares and warrants. The company will sell 4,807,692 common shares and warrants to purchase up to 4,807,692 common shares at a combined price of US$0.52 per share and warrant. The warrants have an exercise price of US$0.64 per share, are immediately exercisable, and expire in five years.
The offering is expected to close on July 17, 2024. A.G.P./Alliance Global Partners is acting as the sole placement agent. The net proceeds will be used for working capital and general corporate purposes. Additionally, Vicinity has amended an outstanding warrant held by the participating investor, reducing its exercise price and extending its term.
Vicinity Motor Corp. announced that its VMC 1200 class 3 electric truck has received CARB (California Air Resources Board) certification as a zero-emission vehicle for the 2024 model year.
This certification permits the sale of the VMC 1200 in California and other states adopting CARB standards, including New York, New Jersey, and Massachusetts. Consequently, the VMC 1200 can be sold nationwide.
The certification also qualifies the VMC 1200 for various incentive programs, like California's HVIP, which offer monetary vouchers to reduce the purchase cost of commercial electric vehicles. Vicinity aims to finalize U.S. dealer relationships and capitalize on its early market presence as many competitors are still in pre-production.
Vicinity Motor Corp. has announced an expanded order, increasing from 4 to 18 Vicinity Lightning electric buses for the Daniel K. Inouye International Airport in Honolulu, Hawaii. This initiative, facilitated by Sustainability Partners and Soderholm Sales & Leasing, signals a shift from diesel to electric vehicles for the State of Hawaii Department of Transportation, utilizing the EVaaS program for financing. The electric buses will be the first 'Made in America' units produced at Vicinity's Ferndale, Washington facility, with delivery scheduled for 2024. This order underscores the appeal and versatility of Vicinity's electric bus offerings.
Vicinity Motor Corp. (NASDAQ: VEV, TSXV: VMC), a North American supplier of commercial electric vehicles, has announced the issuance of Deferred Share Units (DSUs).
Certain Eligible Directors of the company have opted to receive their director remuneration for the year 2024 in DSUs. Accordingly, Vicinity has granted 273,510 DSUs for the remuneration of Directors for the second quarter.
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