Brief: Electrameccanica And Tevva Announce Proposed Merger Agreement

Electrameccanica Vehicles

15/08/2023 14:23

Aug 15 (Reuters) - Electrameccanica Vehicles Corp
 SOLO.O :
    * ELECTRAMECCANICA AND TEVVA ANNOUNCE PROPOSED MERGER
AGREEMENT
INTENDED TO CREATE A MARKET LEADER IN ZERO-EMISSION COMMERCIAL
VEHICLES - FOCUSING FIRST IN THE UNITED KINGDOM, THEN IN EUROPE
AND THE UNITED STATES
    * ELECTRAMECCANICA VEHICLES - PROPOSED COMBINED CO'S
FINANCIAL
TARGETS FOR 2028 INCLUDE REVENUE OF $1.3-$1.5 BILLION2 AND
EBITDA MARGINS IN MID-TEENS
    * ELECTRAMECCANICA VEHICLES CORP - AT CLOSING OF PROPOSED
TRANSACTION, COMBINED COMPANY WILL OPERATE AS TEVVA, INC
    * ELECTRAMECCANICA VEHICLES CORP: SHAREHOLDERS WILL OWN
23.5% OF
COMBINED CO AND TEVVA SHAREHOLDERS WILL OWN 76.5% OF COMBINED CO
ON A FULLY DILUTED BASIS
    * ELECTRAMECCANICA VEHICLES CORP - ATTENDING MEMBERS OF
BOARDS OF
DIRECTORS OF BOTH COMPANIES UNANIMOUSLY APPROVED PROPOSED
TRANSACTION
    * ELECTRAMECCANICA VEHICLES CORP: TRANSACTION IS ALSO
EXPECTED TO
DELIVER APPROXIMATELY $5 MILLION IN RUN-RATE ANNUAL COST SAVINGS
BY YEAR-END 2024
    * ELECTRAMECCANICA VEHICLES CORP - COMBINED COMPANY AND ITS
SHARES
WILL TRADE ON NASDAQ CAPITAL MARKET UNDER TICKER SYMBOL TVVA
    * ELECTRAMECCANICA VEHICLES CORP: EXPECTED THAT SUSAN E.
DOCHERTY
WILL BECOME CHIEF EXECUTIVE OFFICER OF COMBINED COMPANY
    * ELECTRAMECCANICA VEHICLES CORP - COMBINED COMPANY EXPECTS
TO
HAVE A CASH BALANCE OF APPROXIMATELY $70 - 80 MILLION, WITH DEBT
OF APPROXIMATELY $26 MILLION
    * ELECTRAMECCANICA VEHICLES: PROPOSED COMBINED COMPANY'S
FINANCIAL
TARGETS FOR 2028 INCLUDE REVENUE OF $1.3-$1.5 BILLION AND EBITDA
MARGINS IN MID-TEENS

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