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 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), un fornitore nordamericano di veicoli elettrici commerciali, ha fornito un aggiornamento sulla presentazione in ritardo delle relazioni finanziarie trimestrali. L'autorità principale della società, la Commissione Sicurezza della Columbia Britannica, ha emesso un Ordine di Divieto di Commercio per la Direzione (MCTO) il 15 agosto 2024. Questo ordine limita il CEO e il CFO dal trading di titoli aziendali fino al completamento delle presentazioni interim e alla revoca dell'MCTO.
Vicinity Motor prevede di finalizzare le presentazioni interim entro il 13 settembre 2024. L'azienda ha implementato un divieto di trading interno e pubblicherà rapporti sullo stato di default ogni due settimane. Inoltre, Vicinity Motor ha avviato un piano di ristrutturazione finanziaria con i suoi creditori garantiti, come comunicato il 21 agosto 2024.
Vicinity Motor Corp (NASDAQ:VEV, TSXV:VMC), un proveedor norteamericano de vehículos eléctricos comerciales, ha proporcionado una actualización sobre la presentación retrasada de sus estados financieros trimestrales. El principal regulador de la empresa, la Comisión de Valores de Columbia Británica, otorgó una Orden de Cese de Comercio de Gestión (MCTO) el 15 de agosto de 2024. Esta orden restringe al CEO y al CFO de comercializar valores de la empresa hasta que se completen las presentaciones interinas y se revoque el MCTO.
Vicinity Motor espera finalizar las presentaciones interinas antes del 13 de septiembre de 2024. La empresa ha implementado un bloqueo de comercio interno y emitirá informes sobre el estado de incumplimiento cada dos semanas. Además, Vicinity Motor ha firmado un plan de reestructuración y ajuste financiero con sus prestamistas garantizados, como se divulgó el 21 de agosto de 2024.
Vicinity Motor Corp (NASDAQ:VEV, TSXV:VMC), 북미의 상업용 전기차 공급업체는 분기 재무제표 제출 지연에 대한 업데이트를 제공했습니다. 회사의 주요 규제 기관인 브리티시컬럼비아 증권위원회는 2024년 8월 15일에 경영 중단 거래 명령 (MCTO)을 발령했습니다. 이 명령은 CEO와 CFO가 임시 제출이 완료되고 MCTO가 철회될 때까지 회사 증권 거래를 제한합니다.
Vicinity Motor는 2024년 9월 13일까지 임시 제출을 마무리할 것으로 예상하고 있습니다. 이 회사는 내부 거래 금지 조치를 시행했으며 매주 두 번 기본 상태 보고서를 발행할 것입니다. 또한 Vicinity Motor는 재정 구조 조정 계획을 보장된 대출기관과 체결했으며, 이 사실은 2024년 8월 21일에 공개되었습니다.
Vicinity Motor Corp (NASDAQ:VEV, TSXV:VMC), un fournisseur nord-américain de véhicules électriques commerciaux, a fourni une mise à jour sur le retard de dépôt de ses états financiers trimestriels. Le principal régulateur de la société, la Commission des valeurs mobilières de la Colombie-Britannique, a délivré un Ordre d'interdiction de négociation de gestion (MCTO) le 15 août 2024. Cet ordre restreint le PDG et le CFO de négocier des valeurs mobilières de l'entreprise jusqu'à ce que les dépôts intérimaires soient complétés et que le MCTO soit révoqué.
Vicinity Motor s'attend à finaliser les dépôts intérimaires d'ici le 13 septembre 2024. L'entreprise a mis en place un blocage du commerce des initiés et publiera des rapports bi-hebdomadaires sur l'état de défaut. De plus, Vicinity Motor a conclu un plan de restructuration financière avec ses créanciers garantis, comme divulgué le 21 août 2024.
Vicinity Motor Corp (NASDAQ:VEV, TSXV:VMC), ein nordamerikanischer Anbieter von kommerziellen Elektrofahrzeugen, hat ein Update zu seiner verspäteten Einreichung der vierteljährlichen Finanzberichte gegeben. Die Hauptregulierungsbehörde des Unternehmens, die Britisch-Kolumbianische Wertpapieraufsichtsbehörde, erteilte am 15. August 2024 eine Management Stop-Trade Order (MCTO). Diese Anordnung schränkt den CEO und CFO ein, Unternehmenswerte zu handeln, bis die Zwischenberichte abgeschlossen und das MCTO aufgehoben ist.
Vicinity Motor erwartet, die Zwischenberichte bis zum 13. September 2024 abzuschließen. Das Unternehmen hat einen Handelsstopp für Insider implementiert und wird alle zwei Wochen Berichte über den Status des Verstoßes veröffentlichen. Darüber hinaus hat Vicinity Motor einen Wiederherstellungs- und Finanzrestrukturierungsplan mit seinen gesicherten Gläubigern abgeschlossen, wie am 21. August 2024 bekannt gegeben.
- Company expects to finalize interim filings by September 13, 2024
- Entered into a workout and financial restructuring plan with secured lenders
- Delayed filing of quarterly financial statements
- Management Cease Trade Order (MCTO) issued, restricting CEO and CFO from trading company securities
- Insider trading blackout implemented
VANCOUVER, BC / ACCESSWIRE / August 28, 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 September 13, 2024.
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
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