Vicinity Motor slumps as potential liquidation looms

Vicinity Motor

18/10/2024 17:57

** U.S.-listed shares of Canadian electric bus and
commercial vehicle manufacturer Vicinity Motor  VEV.O   VMC.V 
plunge as much as 36.5% to an all-time low of 4 cents 
    ** Vicinity Motor gets notice from Royal Bank of Canada
regarding intent to file receivership order on Oct 21 after co
failed to renew credit agreements with RBC and Export
Development Canada (EDC) 
    ** Company expects BC Securities Commission will cease
trading the stock, in part due to the failure to file financials
    ** Brokerage Alliance Global Partners downgrades VEV to
"sell" from "neutral" on possible liquidation of company
    ** "Any recovery for common shareholders is very unlikely
and the shares are likely to have no value" — brokerage
    ** Up to last close, stock had fallen ~91% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com))