Vicinity Motor Corp. Grants Stock Options

Rhea-AI Summary

Vicinity Motor Corp. (NASDAQ: VEV, TSXV: VMC), a North American supplier of commercial electric vehicles, announced the grant of 50,000 incentive stock options to its directors, officers, consultants, and employees.

The stock options are part of the Company's Omnibus Equity Incentive Plan, exercisable over five years at C$0.85 per share. The options will vest in six equal tranches over three years, with the first tranche vesting six months after the grant date.

Positive

• Granting of 50,000 stock options incentivizes loyalty and performance among employees and directors.
• Stock options exercise price set at C$0.85, offering potential for growth if stock price increases.
• Vesting schedule ensures long-term commitment from employees and directors.

Negative

• Potential dilution of shares due to the additional 50,000 stock options.
• Granting stock options can lead to increased administrative expenses.

VANCOUVER, BC / ACCESSWIRE / June 17, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, announces the grant of 50,000 incentive stock options to its directors, officers, consultants and/or employees pursuant to the Company's Omnibus Equity Incentive Plan. The options are exercisable for a period of five years at an exercise price of C$0.85 per share. The Options will vest over a period of three years in six equal tranches, the first of which will vest 6 months after the date of grant.

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) ("VMC") is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets. For more information, please visit www.vicinitymotorcorp.com.

Company Contact:

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

Investor Relations Contact:

Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, market prices and supply for parts and materials, the success of Vicinity's operational strategies, the vehicle assembly facility in the State of Washington being capable of operating in the manner intended by management, the effect of the COVID-19 pandemic, the recoverability of the Optimal intangible asset and other macro economic factors on supply chain recovery to pre-pandemic levels, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships, the ability of the Company to extend or modify existing debt terms; and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE: Vicinity Motor Corp.

View the original press release on accesswire.com

FAQ

What is the latest stock option grant by Vicinity Motor Corp. (VEV)?

Vicinity Motor Corp. recently granted 50,000 incentive stock options to its directors, officers, consultants, and employees.

What is the exercise price for the newly granted stock options by Vicinity Motor Corp. (VEV)?

The exercise price for the newly granted stock options is C$0.85 per share.

How long will the Vicinity Motor Corp. (VEV) stock options take to vest?

The stock options will vest over three years in six equal tranches, with the first tranche vesting six months after the grant date.

When were the 50,000 stock options granted by Vicinity Motor Corp. (VEV)?

The 50,000 stock options were granted on June 17, 2024.

What is the duration for exercising the stock options granted by Vicinity Motor Corp. (VEV)?

The stock options are exercisable for a period of five years.