ElectraMeccanica Terminates Arrangement Agreement With Tevva
04 Outubro 2023 - 5:15PM
Business Wire
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
(“ElectraMeccanica”), a designer and assembler of electric
vehicles, today announced that it has terminated—with immediate
effect—the previously-announced arrangement agreement with Tevva
Motors Limited (“Tevva”) as a result of multiple incurable breaches
of the agreement by Tevva, including failures by Tevva to disclose
to ElectraMeccanica material information about Tevva.
The decision to terminate the agreement was made by a unanimous
decision of ElectraMeccanica’s Board of Directors based on
additional information that came to light following execution of
the arrangement agreement. Pursuant to a facility letter entered
into between ElectraMeccanica and Tevva concurrent with the
execution of the arrangement agreement, the principal amount lent
under the secured facility, together with any accrued interest and
other sums, are due and repayable to ElectraMeccanica by no later
than January 2, 2024.
ElectraMeccanica intends to explore all legal recourse available
to it in connection with Tevva’s material breaches of the
arrangement agreement.
ElectraMeccanica believes that it remains well-capitalized and
intends to continue exploring other strategic third-party
opportunities and potential options for its business.
About ElectraMeccanica
ElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of
environmentally efficient electric vehicles intended to enhance the
urban driving experience, including commuting, delivery and shared
mobility.
Safe Harbor Statement
This press release includes “forward-looking statements” within
the meaning of U.S. federal securities laws and applicable Canadian
securities laws. Forward-looking statements may be identified by
words or expressions such as “expects,” “anticipates,” “intends,”
“plans,” “believes,” “estimates,” “may,” “will,” “projects,”
“could,” “should,” “would,” “seek,” “forecast,” or other similar
expressions. Forward-looking statements represent current judgments
about possible future events, including, but not limited to,
ElectraMeccanica’s belief that it remains well-capitalized and that
it intends to continue exploring other strategic third-party
opportunities and potential options for its business.
Forward-looking statements are based on the current beliefs or
expectations of the management of ElectraMeccanica and are
inherently subject to a number of risks, uncertainties, and
assumptions, most of which are difficult to predict and many of
which are beyond ElectraMeccanica’s control. Actual results may
differ materially from these expectations due to changes in
political, economic, business, market, regulatory, and other
factors. Additional factors that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements can be found in ElectraMeccanica’s
filings with the Securities and Exchange Commission (the “SEC”),
including its Annual Report on Form 10-K for the fiscal year ended
December 31, 2022, its Quarterly Reports on Form 10-Q filed with
the SEC during 2023, as well as in its subsequent filings with the
SEC. Accordingly, readers are cautioned not to place undue reliance
on forward-looking statements. It is uncertain whether any of the
events anticipated by the forward-looking statements will transpire
or occur, or if any of them do, what impact they will have on the
results of operations and financial condition of ElectraMeccanica.
Forward-looking statements speak only as of the date they are made,
and ElectraMeccanica undertakes no obligation to update publicly or
otherwise revise any forward-looking statements, whether as a
result of new information, future events, or other factors that
affect the subject of these statements, except where it is
expressly required to do so by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231004370860/en/
ElectraMeccanica Contact: John Franklin ir@emvauto.com
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