Vicinity Motor Corp. Provides Update on Filing of Quarterly Financial Statements
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), un fornitore nordamericano di veicoli elettrici commerciali, ha fornito un aggiornamento sulla sua tarda presentazione degli stati finanziari intermedi. La British Columbia Securities Commission ha emesso un ordine di cessazione delle negoziazioni da parte della direzione (MCTO) il 15 agosto 2024, che limita il CEO e il CFO dal negoziare titoli della società fino a quando non saranno presentati gli Stati Finanziari Intermedi e l'MCTO non sarà revocato. La società prevede di finalizzare gli Stati Finanziari Intermedi entro l'11 ottobre 2024, in coincidenza con la conclusione del suo piano di ristrutturazione finanziaria e di workout di 60 giorni.
Vicinity Motor Corp. sta rispettando le linee guida alternative per le informazioni, inclusi i rapporti sullo stato di default ogni due settimane. È stato imposto un divieto di negoziazione per gli insider in attesa della presentazione. La società conferma che non ci sono stati cambiamenti materiali dalla prima comunicazione, nessun altro default specificato e nessuna procedura di insolvenza, sebbene sia entrata in un piano di ristrutturazione finanziaria e di workout con i creditori garantiti.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), un proveedor norteamericano de vehículos eléctricos comerciales, ha proporcionado una actualización sobre su presentación tardía de estados financieros interinos. La Comisión de Valores de Columbia Británica emitió una orden de cese de negociación de la administración (MCTO) el 15 de agosto de 2024, restringiendo al CEO y al CFO de negociar valores de la empresa hasta que se presenten las Presentaciones Interinas y se revoque el MCTO. La empresa espera finalizar las Presentaciones Interinas para el 11 de octubre de 2024, coincidiendo con el final de su plan de reestructuración financiera y de recuperación de 60 días.
Vicinity Motor Corp. está cumpliendo con las pautas de información alternativa, incluidos los informes quincenales sobre el estado de default. Se ha impuesto un bloqueo de negociación para los insiders mientras se espera la presentación. La empresa confirma que no ha habido cambios materiales desde el anuncio inicial, ningún otro default especificado y ningún procedimiento de insolvencia, aunque ha entrado en un plan de reestructuración financiera y de recuperación con prestamistas asegurados.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)는 북미 상업 전기차 공급업체로서, 그들의 중간 재무제표 제출 지연에 대한 업데이트를 제공했습니다. 브리티시컬럼비아 증권위원회는 2024년 8월 15일에 경영진의 거래 중단 명령(MCTO)을 발급하여 CEO와 CFO가 중간 재무제표가 제출되고 MCTO가 철회될 때까지 회사의 증권 거래를 제한했습니다. 회사는 2024년 10월 11일까지 중간 재무제표를 최종 확정할 것으로 예상하고 있습니다, 이는 60일 간의 재정 재구성과 워크아웃 계획이 종료되는 날과 일치합니다.
Vicinity Motor Corp.는 대체 정보 지침을 준수하고 있으며, 여기에는 격주로 해당 상태 보고가 포함됩니다. 제출 pending으로 인해 내부자 거래 금지 조치가 시행되었습니다. 회사는 초기 발표 이후 중대한 변화가 없으며, 다른 특정 디폴트가 없고, 파산 절차도 없음을 확인했습니다. 그러나 담보 대출자와 재정 재구성 및 워크아웃 계획에 들어갔습니다.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), un fournisseur nord-américain de véhicules électriques commerciaux, a fourni une mise à jour concernant le dépôt tardif de ses états financiers intermédiaires. La British Columbia Securities Commission a émis un ordre de cessation de la négociation de la direction (MCTO) le 15 août 2024, interdisant au PDG et au directeur financier de négocier des titres de la société jusqu'à ce que les dépôts intermédiaires soient soumis et que le MCTO soit levé. L'entreprise prévoit de finaliser les dépôts intermédiaires d'ici le 11 octobre 2024, coïncidant avec la fin de son plan de restructuration financière et de reprise de 60 jours.
Vicinity Motor Corp. se conforme aux directives d'information alternatives, y compris des rapports bihebdomadaires sur l'état de défaut. Un gel de négociation pour les initiés a été imposé en attendant le dépôt. La société confirme qu'aucun changement matériel n'a eu lieu depuis l'annonce initiale, qu'aucun autre défaut spécifié n'est survenu et qu'aucune procédure d'insolvabilité n'a été engagée, bien qu'elle ait conclu un plan de restructuration financière et de reprise avec des créanciers garantis.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), ein nordamerikanischer Anbieter von kommerziellen Elektrofahrzeugen, hat ein Update zu seiner verspäteten Einreichung der Zwischenfinanzberichte gegeben. Die British Columbia Securities Commission erteilte am 15. August 2024 eine Handelsstoppsverfügung (MCTO), die den CEO und CFO daran hindert, Unternehmenswertpapiere zu handeln, bis die Zwischenberichte eingereicht und die MCTO aufgehoben wird. Das Unternehmen erwartet, die Zwischenberichte bis zum 11. Oktober 2024 abzuschließen, was mit dem Ende seines 60-tägigen Sanierungs- und Restrukturierungsplans zusammenfällt.
Vicinity Motor Corp. hält sich an alternative Informationsrichtlinien, die unter anderem zweiwöchentliche Berichte über den Stand der Defaults umfassen. Ein Handelsstopp für Insider wurde angeordnet, solange die Einreichung noch aussteht. Das Unternehmen bestätigt, dass es seit der ursprünglichen Ankündigung keine wesentlichen Änderungen gegeben hat, keine anderen spezifizierten Defaults vorliegen und keine Insolvenzverfahren eingeleitet wurden, obwohl es einen Sanierungs- und Restrukturierungsplan mit gesicherten Gläubigern eingegangen ist.
- Company expects to finalize Interim Filings by October 11, 2024
- MCTO does not affect shareholders' ability to trade securities
- Company is complying with alternative information guidelines
- Late filing of interim financial statements
- MCTO restricts CEO and CFO from trading company securities
- Company has entered into a workout and financial restructuring plan with secured lenders
VANCOUVER, BC / ACCESSWIRE / September 25, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles today provides an update to its news release dated August 14, 2024 (the "Announcement") announcing its request for a management cease trade order (the "MCTO") relating to the late filing of the Company's interim financial statements, MD&A and applicable CEO and CFO certifications for the six months ended June 30, 2024 (the "Interim Filings").
The Company's principal regulator, the British Columbia Securities Commission (the "Commission"), granted the MCTO on August 15, 2024, under National Policy 12-203 - Management Cease Trader Orders ("NP 12-203"). Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Company files the Interim Filings and the Commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities. The Company's Board of Directors and management are continuing to work with its accounting team and other stakeholders to prepare the Interim Filings as soon as practicable and it is the Company's reasonable expectation that the Interim Filings will be finalized on or before October 11, 2024, to coincide with the end of the 60 day workout and financial restructuring plan.
Until the Interim Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company has imposed an insider trading blackout pending the filing of the Interim Filings.
The Company confirms that, since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings as of the date of this news release, though the Company has entered into a workout and financial restructuring plan with its secured lenders as disclosed in the Company's news release dated August 21, 2024; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
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. In particular, and without limitation, this news release contains forward-looking statements respecting the Company's reasonable expectation that the Interim Filings will be finalized on or before September 13, 2024 and the success of the Company's discussions with its creditors to evaluate potential solutions to enable the Company to carry on. 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 outcome of workout and financial restructuring plans with its secured lenders; uncertainties related to economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, production prospects at Vicinity's assembly facility in the State of Washington, 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 the original press release on accesswire.com
FAQ
What is the current status of Vicinity Motor Corp's (VEV) interim financial filings?
Has a management cease trade order (MCTO) been issued for Vicinity Motor Corp. (VEV)?
When does Vicinity Motor Corp. (VEV) expect to file its interim financial statements?
Are Vicinity Motor Corp. (VEV) shareholders affected by the management cease trade order?
