VANCOUVER, Aug. 13, 2018 /CNW/ - ElectraMeccanica
Vehicles Corp. (NASDAQ: SOLO; SOLOW) ("Electra Meccanica" or the
"Company"), a designer and manufacturer of electric vehicles, today
announced the closing of its previously announced public offering
of 2,353,000 units, each unit consisting of one common share (each,
a "Common Share") and two warrants (each, a "Warrant") each to
purchase a Common Share, at a price of $4.25 per unit, for gross proceeds of
approximately $10 million. The
Warrants have a per share exercise price of $4.25, are exercisable immediately, and will
expire five years from the date of issuance. The Common Shares and
the Warrants began trading on the Nasdaq Capital Market on
August 9, 2018.
Electra Meccanica has granted the underwriters a 45-day option
to purchase up to 352,950 additional Common Shares and/or 705,900
additional Warrants to cover over-allotments, if any. Net proceeds
to Electra Meccanica from the offering were approximately
$9.1 million after underwriting
discounts and commissions and other estimated offering
expenses.
The Benchmark Company, LLC and ThinkEquity, a division of
Fordham Financial Management, Inc., acted as joint book-running
managers and Cuttone & Co., LLC acted as co-manager for the
offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The Securities and Exchange Commission declared effective a
registration statement on Form F-1 relating to these securities on
August 3, 2018. A final prospectus
relating to this offering has been filed with the Securities and
Exchange Commission. The offering was made only by means of a
prospectus. Copies of the final prospectus relating to the offering
may be obtained from the offices of The Benchmark Company, LLC,
Attn: Prospectus Department, 150 E 58th Street, 17th
floor, New York, NY 10155,
212-312-6700, Email: prospectus@benchmarkcompany.com; or
ThinkEquity, 17 State Street, 22nd Floor, New York, NY 10004, (646) 968-9355, Email:
prospectus@think-equity.com; or the above-referenced SEC
website.
Safe Harbor Statements
Except for the statements of
historical fact contained herein, the information presented in this
news release constitutes "forward-looking statements" as such term
is used in applicable United
States and Canadian securities laws. These statements relate
to analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"anticipates", "estimates", "projects", "expects", "contemplates",
"intends", "believes", "plans", "may", "will", or their negatives
or other comparable words) are not statements of historical fact
and should be viewed as "forward-looking statements". Such forward
looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, the prices of other electric vehicles, costs
associated with manufacturing vehicles, the availability of capital
to fund business plans and the resulting dilution caused by the
raising of capital through the sale of shares, changes in the
electric vehicle market, changes in government regulation,
developments in alternative technologies, inexperience in servicing
electric vehicles, labour disputes and other risks of the electric
vehicle industry including, without limitation, those associated
with the delays in obtaining governmental approvals and/or
certifications. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended.
There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this news release and in any document
referred to in this news release.
Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
Such forward-looking statements reflect our current views with
respect to future events and are subject to certain risks,
uncertainties and assumptions, including, the risks and
uncertainties outlined in our most recent financial statements and
reports and registration statement filed with the United States
Securities and Exchange Commission (the "SEC") (available at
www.sec.gov) and with Canadian securities administrators (available
at www.sedar.com). Although the Company believes that the beliefs,
plans, expectations and intentions contained in this news release
are reasonable, there can be no assurance those beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consider all of the information set forth herein and should
also refer to the risk factors disclosed in the Company's periodic
reports filed from time-to-time with the SEC.
About Electra Meccanica Vehicles Corp.:
Electra
Meccanica is a designer and manufacturer of electric vehicles. The
Company builds the innovative, all-electric SOLO, a single
passenger vehicle developed to revolutionize the way people
commute, as well as the Tofino, an
elegant high-performance two seater electric roadster sports car.
Both vehicles are tuned for the ultimate driving experience while
making your commute more efficient, cost-effective and
environmentally friendly.
Intermeccanica, a subsidiary of Electra Meccanica, has
successfully been building high-end specialty cars for 59 years.
The Electra Meccanica family is delivering next generation
affordable electric vehicles to the masses.
For more information, visit www.electrameccanica.com.
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SOURCE Electra Meccanica Vehicles Corp.