ElectraMeccanica Announces Closing of $20 Million At Market Financing
June 12 2020 - 4:05PM
ElectraMeccanica Vehicles Corp. (NASDAQ:
SOLO) ("ElectraMeccanica" or the "Company"), a designer
and manufacturer of electric vehicles, today announced the closing
of its previously announced registered direct offering of
10,000,000 common shares (each a “share”) at a price of US$2.00 per
share, for gross proceeds of approximately US$20 million.
Net proceeds to ElectraMeccanica from the
offering were approximately US$18.65 million after underwriting
discounts and commissions and other estimated offering
expenses.
Roth Capital Partners acted as the sole
placement agent for the transaction.
The common shares described above were offered
by the Company pursuant to a prospectus supplement to the Company’s
effective shelf registration statement on Form F-3 (File No.
333-227883) previously filed with the United States Securities and
Exchange Commission (the “SEC”). A prospectus supplement relating
to the Offering was filed by the Company with the SEC. Copies of
the prospectus supplement and accompanying prospectus relating to
the Offering may be obtained from Roth Capital Partners, 888 San
Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147
or by accessing the SEC’s website at https://www.sec.gov.
This press release does not and 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 being offered have not been approved
or disapproved by any regulatory authority, nor has any such
authority passed upon the accuracy or adequacy of the prospectus
supplement, the prospectus or the Company's shelf registration
statement. A registration statement relating to the securities has
been filed with the SEC and became effective October 31, 2018. A
prospectus supplement relating to the Offering was filed with the
SEC.
About ElectraMeccanica Vehicles
Corp.ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a
Canadian designer and manufacturer of environmentally efficient
electric vehicles (EVs). The company’s flagship vehicle is the
innovative, purpose-built, single-seat EV called the
SOLO. This three-wheeled vehicle will
revolutionize the urban driving experience, including commuting,
delivery and shared mobility. The SOLO provides a
driving experience that is unique, trendy, fun, affordable and
environmentally friendly. InterMeccanica, a subsidiary of
ElectraMeccanica, has successfully been building high-end specialty
cars for 61 years. For more information, please visit
www.electrameccanica.com.
Safe Harbor StatementExcept for
the statements of historical fact contained herein, the information
presented in this news release and oral statements made from time
to time by representatives of the Company are or may constitute
“forward-looking statements” as such term is used in applicable
United States and Canadian laws and including, without limitation,
within the meaning of the Private Securities Litigation Reform Act
of 1995, for which the Company claims the protection of the safe
harbor for forward-looking statements. 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 other 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 “expects” or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans”, “estimates” or
“intends”, or stating that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved) 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 availability of capital to fund programs
and the resulting dilution caused by the raising of capital through
the sale of shares, accidents, labor disputes and other risks of
the automotive industry including, without limitation, those
associated with the environment, delays in obtaining governmental
approvals, permits or financing or in the completion of development
or construction activities or claims limitations on insurance
coverage. 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. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information
is subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from those projected.
Many of these factors are beyond the Company’s ability to control
or predict. Important factors that may cause actual results to
differ materially and that could impact the Company and the
statements contained in this news release can be found in the
Company’s filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. 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. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
Company Contact Ms. Bal Bhullar, CPA, CGA, CRM
Chief Financial Officer & Director (604) 428-7656
Bal@electrameccanica.com
Investor Relations Contact Gateway Investor
Relations Matt Glover and Tom Colton (949) 574-3860
SOLO@gatewayir.com
Public Relations Contact Michelle Ravelo-Santos
R&CPMK (310) 297-0190 michelle.ravelo@rogersandcowanpmk.com
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