Vicinity Motor Corp. Issues DSUs

Rhea-AI Summary

Vicinity Motor Corp. (NASDAQ:VEV) announced the granting of 104,012 Deferred Share Units (DSUs) to certain directors as part of their remuneration for the calendar year 2022, specifically for Q2. The company, a North American supplier of commercial electric vehicles, continues to expand its offerings, including electric buses and delivery vehicles in partnership with J.B. Poindexter's EAVX unit. This move is part of their strategic focus on electric and clean-diesel vehicles.

Positive

• Issuance of 104,012 DSUs reflects commitment to align director interests with shareholder value.
• Expanding product offerings in the electric vehicle market, including collaboration with J.B. Poindexter.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / June 30, 2022 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announces the granting of Deferred Share Units ("DSU"s). Certain Eligible Directors have requested that their respective director's remuneration for the calendar year 2022 be paid in Deferred Share Units ("DSUs") and accordingly, the Company has granted 104,012 DSUs in connection with Directors Remuneration for Q2.

About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) 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, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.

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

U.S. Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

Canadian Investor Relations Contact:
MarketSmart Communications Inc.
877-261-4466
Info@marketsmart.ca

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, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships; 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 source version on accesswire.com:
https://www.accesswire.com/707256/Vicinity-Motor-Corp-Issues-DSUs

FAQ

What are Deferred Share Units (DSUs) issued by Vicinity Motor Corp. (VEV)?

Deferred Share Units (DSUs) are a form of compensation for directors, allowing them to receive remuneration in the form of company stock rather than cash.

How many DSUs did Vicinity Motor Corp. grant in Q2 2022?

Vicinity Motor Corp. granted 104,012 Deferred Share Units (DSUs) in Q2 2022.

What is the significance of DSUs for Vicinity Motor Corp. directors?

The DSUs help align the interests of directors with those of shareholders, potentially enhancing long-term company performance.

What products does Vicinity Motor Corp. focus on?

Vicinity Motor Corp. focuses on electric buses, CNG vehicles, clean-diesel vehicles, and electric delivery trucks.

What is the stock symbol for Vicinity Motor Corp.?

The stock symbol for Vicinity Motor Corp. is VEV.