HEADLINE: Troubled electric car maker ElectraMeccanica Vehicles Corp. and U.K.-based Tevva Motors Ltd. have agreed to a merger that will give the British commercial truck start-up a North American foothold, while providing ElectraMeccanica a new direction after the company abandoned its three-wheeled Solo EV this April.
ALL THE HYPE
Why Quirky Three-Wheeler Startup Electrameccanica Is Buying Back Almost All Of Its Customers' Cars - The Autopian
Visit
UK electric truck maker Tevva reverses into US EV manufacturer ElectraMeccanica
Published: 10:20 15 Aug 2023
It is being touted as a merger of equals but looks very much like a reverse takeover—which, under the circumstances would seem fitting.
Tevva, the UK electric truck maker, is throwing in its lot with ElectraMeccanica (NASDAQ:SOLO), the emerging US EV group.
Nasdaq-listed shares in the latter rose 11% in the news.
An RTO will enable the British group to bypass the traditional IPO process. Tevva shareholders will be in the driving seat with 76.5% of the combined entity, with ElectraMeccanica (NASDAQ:SOLO) shareholders retaining the remainder.
Operating under the Tevva Inc banner, the enlarged company is expected to trade on the Nasdaq with the ticker "TVVA".
The aim is to capitalize on the booming electric commercial vehicle sector, which is projected to reach $67 billion by 2030.
Of more significance in the near term, the combined company anticipates a cash balance between $70-$80 million and debt nearing $26 million.
David Roberts, a Tevva director and chairman-elect of the merged business, said: "Throughout the process, we have been impressed with ElectraMeccanica's management team and strongly believe that ElectraMeccanica’s complementary assets, skills and capital will further enhance our advantages in this large and rapidly growing market.”
Published: 10:20 15 Aug 2023
It is being touted as a merger of equals but looks very much like a reverse takeover—which, under the circumstances would seem fitting.
Tevva, the UK electric truck maker, is throwing in its lot with ElectraMeccanica (NASDAQ:SOLO), the emerging US EV group.
Nasdaq-listed shares in the latter rose 11% in the news.
An RTO will enable the British group to bypass the traditional IPO process. Tevva shareholders will be in the driving seat with 76.5% of the combined entity, with ElectraMeccanica (NASDAQ:SOLO) shareholders retaining the remainder.
Operating under the Tevva Inc banner, the enlarged company is expected to trade on the Nasdaq with the ticker "TVVA".
The aim is to capitalize on the booming electric commercial vehicle sector, which is projected to reach $67 billion by 2030.
Of more significance in the near term, the combined company anticipates a cash balance between $70-$80 million and debt nearing $26 million.
David Roberts, a Tevva director and chairman-elect of the merged business, said: "Throughout the process, we have been impressed with ElectraMeccanica's management team and strongly believe that ElectraMeccanica’s complementary assets, skills and capital will further enhance our advantages in this large and rapidly growing market.”
Tevva, the UK electric truck maker, is throwing in its lot with ElectraMeccanica (NASDAQ:SOLO), the emerging US EV group.
Nasdaq-listed shares in the latter rose 11% in the news.
An RTO will enable the British group to bypass the traditional IPO process. Tevva shareholders will be in the driving seat with 76.5% of the combined entity, with ElectraMeccanica (NASDAQ:SOLO) shareholders retaining the remainder.
Operating under the Tevva Inc banner, the enlarged company is expected to trade on the Nasdaq with the ticker "TVVA".
The aim is to capitalize on the booming electric commercial vehicle sector, which is projected to reach $67 billion by 2030.
Of more significance in the near term, the combined company anticipates a cash balance between $70-$80 million and debt nearing $26 million.
David Roberts, a Tevva director and chairman-elect of the merged business, said: "Throughout the process, we have been impressed with ElectraMeccanica's management team and strongly believe that ElectraMeccanica’s complementary assets, skills and capital will further enhance our advantages in this large and rapidly growing market.”
British Electric Truck Maker Tevva Motors and ElectraMeccanica Announce Merger
British electric truck maker Tevva Motors and electric vehicle manufacturer ElectraMeccanica have announced a proposed merger agreement. The financial terms of the merger were not disclosed. The merger would combine the companies into a new entity called Tevva Inc., which would trade on the Nasdaq as TVVA.
- The merger is expected to support ElectraMeccanica, which recalled its SOLO model three-wheeler EVs in February to investigate possible propulsion issues. ]
- The company later discontinued the line entirely in April and announced a buyback of all 429 vehicles it had sold since 2019.
- The proposed deal would leave ElectraMeccanica shareholders with 23.5% of the new company, while Tevva shareholders would own 76.5%.
- After the merger, Tevva expects to have a cash balance of between $70 and $80 million, with $26 million of debt.
- Susan Doherty, CEO of ElectraMeccanica and former executive at General Motors, will become CEO of the new company.
- David Roberts, a member of Tevva’s board of directors and former executive at Aston Martin and Chrysler, will serve as chairman of the new board.
- The company has sold its trucks to customers such as Royal Mail and Travis Perkins.
The proposed merger has seen ElectraMeccanica’s stock rise over 16% following the announcement.
__________________________________________________________________________
17 March 2021
FULL-THROTTLE HYPE: City of Mesa Newsroom Just "Forward-Looking Statements" for The Post COVID-19 Pandemic Economy (Company Press Releases
Electra Mechanical Solo : What is it?
Also, it has not four, but three wheels. This means the Solo is classified as an autocycle.
PRESS RELEASE
ElectraMeccanica announces plans to establish U.S. base of operations in Mesa
March 16, 2021 at 8:17 am"ElectraMeccanica Vehicles Corp.(NASDAQ: SOLO)("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles, today announced that it has selected Mesa, AZ, in the greater Phoenix area, for its U.S. based assembly facility and engineering technical center. Phoenix ranks as the fifth largest city in the U.S. according to 2020 census data, with nearly 1.8 million residents. Mesa, a suburb of Phoenix, ranks 35thnationally.
The Company's selection marks the end of a comprehensive, year-long site search conducted by ElectraMeccanica and its partner, BDO USA's Site Selection & Incentives Practice("BDO"). . .
The proposed facility in Mesa will support ElectraMeccanica's strategic plan to meet anticipated demand for their flagship SOLOEV.
When fully operational, the facility is expected to create up to 500 new jobs and will be capable of producing up to 20,000SOLOsper year. . . "
__________________________________________________________________________________
__________________________________________________________________________________
https://www.patreon.com/bearsworkshop, Welcome to Bear's Workshop. In this video we are doing another visit to ElectraMeccanica, a 3 wheeled EV that will be built in Mesa, AZ. If you would like to see ...
___
No comments:
Post a Comment