Vicinity Motor Corp. Enters Into Workout Agreement to Develop a Restructuring Plan With Creditors

$VEV
Auto Manufacturing
Consumer Discretionary
Get the next $VEV alert in real time by email

Vicinity Seeks to Forge Clear Path Forward in Ongoing Discussions with Creditors

VANCOUVER, BC / ACCESSWIRE / August 21, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial buses and electric vehicles, today announced it has reached an agreement with its secured lenders to execute a workout and financial restructuring plan to address the previously announced demands from Royal Bank of Canada and Export Development Canada (the "Secured Lenders") in respect of outstanding credit facilities to progress towards financial stability for the Company.

Vicinity and the Secured Lenders have agreed to the terms of the workout for the next 60 days, discussing with the Secured Lenders its revenues, debt structures, and initiatives to reorganize. During this period, the Company will return to limited operations and the Secured Lenders will retain all rights previously asserted. Prior to the conclusion of the workout period, Vicinity expects to have entered into a restructuring plan that may include agreements for payment and creditor rights and protections.

During this period Vicinity will work to preserve the value of its assets, execute in process deliveries, and facilitate technical and parts support programs. The Company will continue to work closely with vendors, customers, and partners during this period as it endeavors to return to normal full operations within the 60-day period.

"We are pleased to announce this support from our creditor partners and the opportunity to further the important role Vicinity plays in the passenger transportation industry and as a leader in Class 3 commercial EV truck manufacturing," said Brent Phillips, President of Vicinity Motor Corp. "Our strong backlog of fuel neutral bus orders, including clean diesel and electric buses, provides a solid foundation for this workout plan. The market opportunity for Vicinity buses and industry metrics support accelerated development of our energy efficient transit bus product line while the Class 3 commercial truck market continues to develop."

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 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

Get the next $VEV alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$VEV

DatePrice TargetRatingAnalyst
More analyst ratings

$VEV
Press Releases

Fastest customizable press release news feed in the world

See more
  • Vicinity Motor Corp. Announces Board Resignations

    VANCOUVER, BC / ACCESSWIRE / October 25, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company") today announced that all members of the Board of Directors have resigned from the Company.On October 21, 2024 Royal Bank of Canada was granted a petition for Receivership of Vicinity Motor Corp. by the Superior Court of British Columbia. Since the grant of Receivership, none of the Board Members has been contacted by the Receiver(s). As this appointment is considered a ‘Change of Control', the entire Board of Directors consisting of Joseph Miller, Andrew Imanse, William Trainer, Chris Strong, James White and John LaGourgue have resigned from the Board. Tina Stewart, Chief

    $VEV
    Auto Manufacturing
    Consumer Discretionary
  • Vicinity Motor Corp. Receives Nasdaq Delisting Notice

    VANCOUVER, BC / ACCESSWIRE / October 23, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company") today announced that it has received a letter from the Nasdaq Listing Qualifications Department notifying the Company of its failure to meet the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).The letter stated that as of October 21, 2024, the Company's stock had not regained compliance, as its shares continued to trade below $1. Additionally, the Company received a separate delisting determination based on its recent entry into receivership pursuant to the Order of the Supreme Court of British Columbia. In light of the receivership filing, Nasdaq has d

    $VEV
    Auto Manufacturing
    Consumer Discretionary
  • Vicinity Motor Corp. Receives Notice from RBC of Intent to File Receivership Order on Monday, October 21, 2024

    PricewaterhouseCoopers LLP Resigns as Auditor; BC Securities Commission Expected to Cease Trading by Monday, October 21, 2024 VANCOUVER, BC / ACCESSWIRE / October 18, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company") today announced that Royal Bank of Canada ("RBC") has notified the company that it intends to file a receivership order on Monday, October 21, 2024. Concurrently, PricewaterhouseCoopers LLP has resigned as the Company's auditor. The Company expects that the BC Securities Commission will cease trading of Vicinity Motor Corp. common stock by Monday, October 21, 2024.Company Contact:Vicinity Motor Corp.(604) 607-4000Neither the TSX-V nor its Regulatio

    $VEV
    Auto Manufacturing
    Consumer Discretionary

$VEV
SEC Filings

See more

$VEV
Leadership Updates

Live Leadership Updates

See more
  • Vicinity Motor Corp. Receives Notice from RBC of Intent to File Receivership Order on Monday, October 21, 2024

    PricewaterhouseCoopers LLP Resigns as Auditor; BC Securities Commission Expected to Cease Trading by Monday, October 21, 2024 VANCOUVER, BC / ACCESSWIRE / October 18, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company") today announced that Royal Bank of Canada ("RBC") has notified the company that it intends to file a receivership order on Monday, October 21, 2024. Concurrently, PricewaterhouseCoopers LLP has resigned as the Company's auditor. The Company expects that the BC Securities Commission will cease trading of Vicinity Motor Corp. common stock by Monday, October 21, 2024.Company Contact:Vicinity Motor Corp.(604) 607-4000Neither the TSX-V nor its Regulatio

    $VEV
    Auto Manufacturing
    Consumer Discretionary
  • Vicinity Motor Corp. Appoints Senior Financial Executive Tina Stewart as Chief Financial Officer

    VANCOUVER, BC / ACCESSWIRE / June 10, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the appointment of Tina Stewart CPA, CA, a seasoned finance executive, as Chief Financial Officer, succeeding Dan Buckle.Tina Stewart is a respected finance executive with over 20 years of experience in a variety of industries including mining, telecommunications, container terminal operations, and renewable energy. She is skilled in all areas of finance including strategic business planning, public company reporting, treasury, capital allocation and finance transformation. Before joining Vicinity, T

    $VEV
    Auto Manufacturing
    Consumer Discretionary
  • Vicinity Motor Corp. Appoints Respected Transit Sales Veteran Jeff Madura as Senior Director of Sales

    VANCOUVER, BC / ACCESSWIRE / June 5, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the appointment of Jeff Madura, a veteran commercial vehicle sales executive, as Senior Director of Sales to lead the Company's sales activities throughout North America.Jeff Madura has over 29 years of experience in the transit bus industry as an experienced general manager of national teams focused on bus sales, business development, alternative fuels and zero emission vehicles, technical sales, and dealer sales. Prior to joining Vicinity, he was Director of Public Sector Sales for North America for

    $VEV
    Auto Manufacturing
    Consumer Discretionary

$VEV
Financials

Live finance-specific insights

See more
  • Vicinity Motor Corp. to Report Second Quarter 2024 Financial Results on Wednesday, August 14 at 4:30 p.m. Eastern Time

    VANCOUVER, BC / ACCESSWIRE / August 1, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it will release financial results for the second quarter ended June 30, 2024, after market close on Wednesday, August 14, 2024.Management will host an investor conference call at 4:30 p.m. Eastern time on Wednesday, August 14, 2024, to discuss Vicinity Motor's second quarter 2024 financial results, provide a corporate update, and conclude with a question-and-answer session from telephone participants. To participate, please use the following information:Second Quarter 2024 Results Conference Ca

    $VEV
    Auto Manufacturing
    Consumer Discretionary
  • Vicinity Motor Corp. to Report First Quarter 2024 Financial Results on Tuesday, May 14 at 4:30 p.m. Eastern Time

    VANCOUVER, BC / ACCESSWIRE / May 7, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it will release financial results for the first quarter ended March 31, 2024, after market close on Tuesday, May 14, 2024.Management will host an investor conference call at 4:30 p.m. Eastern time on Tuesday, May 14, 2024, to discuss Vicinity Motor's first quarter 2024 financial results, provide a corporate update, and conclude with a question-and-answer session from telephone participants. To participate, please use the following information:First Quarter 2024 Results Conference CallDate: Tuesday

    $VEV
    Auto Manufacturing
    Consumer Discretionary
  • Vicinity Motor Corp. Reschedules Fourth Quarter and Full Year 2023 Financial Results Conference Call to Tuesday, April 2 at 4:30 p.m. Eastern Time

    VANCOUVER, BC / ACCESSWIRE / March 27, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it will now release financial results for the fourth quarter and full year ended December 31, 2023, after market close on Tuesday, April 2, 2024.Management will host the rescheduled investor conference call at 4:30 p.m. Eastern time on Tuesday, April 2, 2024 to discuss Vicinity Motor's fourth quarter and full year 2023 financial results, provide a corporate update, and conclude with a question and answer session from telephone participants. To participate, please use the following information:F

    $VEV
    Auto Manufacturing
    Consumer Discretionary