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 company received a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission on August 15, 2024, restricting the CEO and CFO from trading company securities. Vicinity Motor expects to file the required documents by October 11, 2024, coinciding with the end of its 60-day workout and financial restructuring plan.
The company is complying with alternative information guidelines, including bi-weekly default status reports. An insider trading blackout has been imposed pending the filing. Vicinity Motor confirms no material changes since the initial announcement, no other defaults under NP 12-203, and no undisclosed material information. The company is not subject to insolvency proceedings but has entered a workout and financial restructuring plan with secured lenders.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), fornitore nordamericano di veicoli elettrici commerciali, ha fornito un aggiornamento sulla presentazione tardiva dei bilanci finanziari intermedi. L'azienda ha ricevuto un Ordine di fermo commercio da parte della direzione (MCTO) dalla British Columbia Securities Commission il 15 agosto 2024, che limita il CEO e il CFO dal commerciare i titoli della società. Vicinity Motor prevede di presentare i documenti richiesti entro l'11 ottobre 2024, in coincidenza con la conclusione del suo piano di ristrutturazione finanziaria e di workout di 60 giorni.
L'azienda sta rispettando le linee guida alternative per l'informazione, inclusi rapporti sullo stato di insolvenza ogni due settimane. È stato imposto un blocco del trading interno in attesa della presentazione. Vicinity Motor conferma che non ci sono cambiamenti significativi rispetto all'annuncio iniziale, nessun'altra insolvenza ai sensi di NP 12-203 e nessuna informazione materiale non divulgata. L'azienda non è soggetta a procedimenti di insolvenza ma ha avviato un piano di workout e ristrutturazione finanziaria con prestatori 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 compañía recibió una Orden de Cese de Comercio por parte de la Dirección (MCTO) de la Comisión de Valores de Columbia Británica el 15 de agosto de 2024, restringiendo al CEO y al CFO de comerciar con valores de la empresa. Vicinity Motor espera presentar los documentos requeridos para el 11 de octubre de 2024, coincidiendo con el final de su plan de workout y reestructuración financiera de 60 días.
La empresa está cumpliendo con las pautas de información alternativa, incluidos los informes sobre el estado de incumplimiento cada dos semanas. Se ha impuesto un bloqueo de comercio interno mientras se espera la presentación. Vicinity Motor confirma que no ha habido cambios materiales desde el anuncio inicial, no hay otros incumplimientos bajo NP 12-203, y no hay información material no divulgada. La empresa no está sujeta a procedimientos de insolvencia, pero ha entrado en un plan de workout y reestructuración financiera con prestamistas asegurados.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)는 북미의 상업용 전기차 공급업체로서 중간 재무 상태 보고서 제출 지연에 대한 업데이트를 제공했습니다. 회사는 2024년 8월 15일 브리티시컬럼비아 증권위원회로부터 경영진 거래 중지 명령(MCTO)을 받았으며, 이는 CEO와 CFO의 회사 증권 거래를 제한합니다. Vicinity Motor는 필요한 문서를 2024년 10월 11일까지 제출할 예정이며, 이는 60일 워크아웃 및 재무 재구성 계획의 종료와 일치합니다.
회사는 대체 정보 지침을 준수하고 있으며, 여기에 포함된 내용은 2주마다 기본 상태 보고서입니다. 제출을 기다리는 동안 내부 거래 중지 조치가 시행되었습니다. Vicinity Motor는 초기 발표 이후 중대한 변경 사항이 없음을 확인하며, NP 12-203에 따른 다른 기본 위반이 없고 비공개 중대한 정보도 없음을 밝힙니다. 이 회사는 파산 절차에 해당하지 않지만 담보 대출자와 함께 워크아웃 및 재무 재구성 계획에 들어갔습니다.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), un fournisseur nord-américain de véhicules électriques commerciaux, a fourni une mise à jour sur son dépôt tardif d'états financiers intermédiaires. La société a reçu un Ordre de cessation de commerce de gestion (MCTO) de la Commission des valeurs mobilières de la Colombie-Britannique le 15 août 2024, interdisant au CEO et au CFO de trader les titres de la société. Vicinity Motor prévoit de déposer les documents requis d'ici le 11 octobre 2024, coïncidant avec la fin de son plan de restructuration financière et de workout de 60 jours.
La société respecte les directives d'information alternatives, y compris des rapports bi-hebdomadaires sur l'état des défauts. Un verrouillage du commerce interne a été imposé en attendant le dépôt. Vicinity Motor confirme qu'il n'y a eu aucun changement matériel depuis l'annonce initiale, aucun autre défaut selon NP 12-203, et aucune information matérielle non divulguée. La société n'est pas soumise à des procédures d'insolvabilité mais a engagé un plan de workout et de restructuration financière avec des créanciers sécurisés.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), ein nordamerikanischer Anbieter von kommerziellen Elektrofahrzeugen, hat ein Update zu seiner verspäteten Einreichung von Zwischenfinanzberichten gegeben. Das Unternehmen erhielt am 15. August 2024 einen Management Cease Trade Order (MCTO) von der British Columbia Securities Commission, der den CEO und CFO daran hindert, mit Unternehmenswertpapieren zu handeln. Vicinity Motor erwartet, die erforderlichen Dokumente bis zum 11. Oktober 2024 einzureichen, was mit dem Ende seines 60-tägigen Workout- und finanziellen Restrukturierungsplans übereinstimmt.
Das Unternehmen hält sich an alternative Informationsrichtlinien, einschließlich zweiwöchentlicher Berichte über den Status der Zahlungsunfähigkeit. Ein Handelsverbot für Insider wurde bis zur Einreichung verhängt. Vicinity Motor bestätigt, dass seit der ursprünglichen Ankündigung keine wesentlichen Änderungen vorgenommen wurden, keine weiteren Verstöße gegen NP 12-203 vorliegen und keine nicht offengelegten wesentlichen Informationen vorhanden sind. Das Unternehmen unterliegt keinen Insolvenzverfahren, hat jedoch einen Workout- und finanziellen Restrukturierungsplan mit gesicherten Gläubigern eingeleitet.
- Company expects to file required financial documents 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 and related documents
- Management Cease Trade Order (MCTO) imposed on CEO and CFO
- Company has entered into a workout and financial restructuring plan with secured lenders
- Insider trading blackout imposed
Insights
Vicinity Motor Corp.'s delay in filing its Q2 2024 financial statements raises red flags about the company's financial health and transparency. The extension of the filing deadline to October 11, 2024, coinciding with the end of a 60-day workout and financial restructuring plan, suggests significant financial challenges. This situation could potentially lead to increased volatility in the stock price and erode investor confidence. The imposed insider trading blackout further underscores the sensitivity of the company's current financial position. Investors should be cautious and closely monitor any updates, as the outcome of the restructuring plan will be important for the company's future prospects and stock performance.
The issuance of a Management Cease Trade Order (MCTO) by the British Columbia Securities Commission is a serious regulatory action. While it allows the company to continue operations and trading for most shareholders, it restricts trading by key executives. This measure is designed to protect investors while giving the company time to rectify its reporting deficiencies. The company's commitment to bi-weekly status reports and compliance with NP 12-203 guidelines is positive, but the extended delay in filing financial statements could potentially lead to more severe regulatory consequences if not resolved promptly. The mention of not being subject to insolvency proceedings "as of the date of this news release" is noteworthy and suggests a precarious financial situation that investors should monitor closely.
VANCOUVER, BC / ACCESSWIRE / September 11, 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
When does Vicinity Motor Corp. (VEV) expect to file its delayed interim financial statements?
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What measures has Vicinity Motor Corp. (VEV) implemented due to the late filing?
