REE Automotive (NASDAQ: REE), a leader in e-Mobility, today
announced its financial results for the third quarter ended
September 30, 2021.
REE Automotive Co-Founder and Chief Executive
Officer Daniel Barel said, “We continued to execute our business
plan, reaching significant milestones on both the demand and supply
sides, keeping us on track or ahead of schedule on all major
milestones. We started customer platform validations and
successfully completed private road testing with Navya for its L4
autonomous system. We also formed a strategic collaboration with JB
Poindexter, the leader in the U.S. walk-in van market, to penetrate
the U.S. Importantly, we unveiled Leopard, an autonomous
last-mile delivery concept vehicle geared for delivery, e-retailers
and technology companies.”
“Supporting our platform targeted to a U.S.
based delivery van program, we nominated key suppliers Brembo and
American Axle. In addition, in preparation for commercial
production and deliveries in 2023, we are finalizing our site
selection for our first integration center in Austin, Texas. We
continue to make progress on our product readiness with our UK
Engineering Center, now staffed with approximately 801 engineers.
We are honored to have been awarded $17 million funding from the UK
government, a strong endorsement of the importance of the
commercialization of our technology. We believe our investments in
the business and ongoing progress demonstrate the maturation of our
technology toward our target of achieving commercial
production.”
Expand industry penetration through additional partnerships
- JB Poindexter – a leader in the walk-in van market in
the US, with numerous leading logistics and delivery
customers: Strategic collaboration for the development of
commercial electric vehicles, which will integrate REEcornerTM
technology and JB Poindexter commercial vehicle bodies for
anticipated production in the U.S.
Continue to execute on REE’s commercial programs, including the
delivery of prototypes for non-public road tests (subsequent to
quarter end)
- Navya – a leading autonomous vehicle
systems developer: Successful completion of the first
phase of customer validation tests of REEcornerTM and control
technology for Navya’s next-generation autonomous vehicles.
Shipment of a REEboard platform for Navya’s second stage
integration testing
Extend supply chain capacity through nomination
of leading suppliers (subsequent to quarter end)
- Brembo – a global leader in brake
technology: Nominated to develop and supply braking system
for REEcornersTM and EV platforms with initial focus on a
U.S.-based delivery van program
- American Axle – a global Tier 1 automotive
supplier: Nominated to supply high-performance electric
drive units for integration into REEcornerTM technology with
initial focus on a U.S.-based delivery van program
Recent Technological and Growth Achievements
- Unveiled an autonomous last-mile delivery concept
vehicle enabled by REE’s modular EV platform, with design
and specifications resulting from collaboration with global
delivery and technology companies
- Received 3 patent grants and filed 9 new patent applications
during Q3 2021
- Selected Austin, Texas as location for REE’s U.S. Headquarters
and first U.S. integration center
- Grew headcount1 to 231 employees, as of September 30, 2021,
from 84 employees at year-end 2020, primarily in
engineering
- Awarded $17 million funding from the UK government, advancing
commercialization
- Won European Design Awards for the Flatformer concept together
with Hino Motors
Financial Highlights:
- GAAP net loss of $414.9 million in the third quarter of 2021,
compared to a net loss of $18.8 million in the third quarter of
2020. The year over year change was primarily related to higher
non-cash share-based compensation expenses of $409.8 million,
compared with $14.4 million in the third quarter of 2020. As
previously disclosed in the Company’s 20-F filing, the increase
resulted mainly from performance-based options which were granted
to founders prior to the merger with 10X Capital and were vested at
the time of closing. This was partially offset by income from
warrant revaluation in the amount of $17.3 million
- Non-GAAP net loss of $19.5 million in the third quarter of
2021, compared to $4.4 million in the third quarter of 2020, driven
mainly by higher R&D and engineering expenses as the company
ramps up its capabilities towards achieving commercial production
in 2023
- The Company had approximately $294.5 million in cash at quarter
end, which is sufficient to execute on its business plan
Outlook:
Based on current market conditions and the
current regulatory environment, the Company expects to achieve the
following:
- Commercial: Continue to execute on REE’s commercial programs,
including the delivery of prototypes for non-public road tests
- Market Growth: Expand industry penetration through additional
partnerships, expansion of existing partnerships, and expansion of
variety of EV types ‘Powered by REE’
- Supply Chain: Extend supply chain capacity by executing
additional collaborations with leading suppliers
- Service: Establish North American ‘Powered by REE’ maintenance
and support network
- Headcount: Expected total employees by December 31, 2021 to
approximate 2701
- Total annual capital and operational expenditures on a non-GAAP
basis in 2021 not expected to exceed $75 million
1 Employee headcount includes both internal
direct employees and external consultants deployed to REE on an FTE
basis.
Webcast and Conference Call
Information
The Company will host a conference call at 8:30
a.m. Eastern Time on Tuesday, November 16, 2021, to discuss results
and latest developments. Individuals wishing to participate in the
webcast can access the Events page at the Company’s website by
visiting https://investors.ree.auto/news-events/events or via
https://edge.media-server.com/mmc/p/rkvhaymk . If you wish to
participate in the call, please dial 1-877-407-9039 domestically or
1-201-689-8470 internationally and provide your name and company
affiliation.
A replay will be available on REE’s investor
website at https://investors.ree.auto/.
Use of Non-GAAP Financial Measures
The Company has disclosed financial measurements
in this press release that present financial information considered
to be non-GAAP financial measures. These measurements are not a
substitute for GAAP measurements, although the Company's management
uses these measurements as an aid in monitoring the Company's
on-going financial performance. Non-GAAP net loss and non-GAAP
earnings (loss) per share, measure net loss and earnings (loss) per
share, respectively, excluding non-recurring or unusual items that
are considered by management to be outside the Company’s standard
operation and excluding certain non-cash items. Adjusted EBITDA is
a non-GAAP financial measurement that is considered by management
to be useful in comparing the profitability among companies within
the industry by reflecting operating results of the Company
excluding non-operating factors. There are limitations associated
with the use of non-GAAP financial measures, including that such
measures may not be comparable to similarly titled measures used by
other companies due to potential differences among calculation
methodologies. Thus, there can be no assurance whether (i) items
excluded from the non-GAAP financial measures will occur in the
future or (ii) there will be cash costs associated with items
excluded from the non-GAAP financial measures. The Company
compensates for these limitations by using these non-GAAP financial
measures as supplements to GAAP financial measures and by providing
the reconciliations for the non-GAAP financial measures to their
most comparable GAAP financial measures. Investors should consider
adjusted measures in addition to, and not as a substitute for, or
superior to, financial performance measures prepared in accordance
with GAAP.
REE AUTOMOTIVE LTD.
Condensed Consolidated Statements of
OperationsU.S. dollars in thousands (except share
and per share data)(Unaudited)
|
Three Months Ended |
Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Revenues |
- |
|
- |
|
119 |
|
6 |
|
336 |
|
Cost of sales |
324 |
|
4 |
|
224 |
|
339 |
|
569 |
|
Gross loss |
(324 |
) |
(4 |
) |
(105 |
) |
(333 |
) |
(233 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
212,438 |
|
9,545 |
|
4,465 |
|
229,132 |
|
24,618 |
|
Selling, general and administrative expenses |
219,507 |
|
21,590 |
|
14,301 |
|
246,545 |
|
32,520 |
|
Total operating expenses |
431,945 |
|
31,135 |
|
18,766 |
|
475,677 |
|
57,138 |
|
Operating loss |
(432,269 |
) |
(31,139 |
) |
(18,871 |
) |
(476,010 |
) |
(57,371 |
) |
Income from warrant revaluation |
17,263 |
|
- |
|
- |
|
17,263 |
|
- |
|
Financial income, net |
114 |
|
8 |
|
84 |
|
126 |
|
377 |
|
Net loss before income tax |
(414,892 |
) |
(31,131 |
) |
(18,787 |
) |
(458,621 |
) |
(56,994 |
) |
Income tax expense |
13 |
|
45 |
|
- |
|
58 |
|
- |
|
Net loss |
(414,905 |
) |
(31,176 |
) |
(18,787 |
) |
(458,679 |
) |
(56,994 |
) |
Net comprehensive loss |
(414,905 |
) |
(31,176 |
) |
(18,787 |
) |
(458,679 |
) |
(56,994 |
) |
Basic and diluted net loss per share |
(1.57 |
) |
(0.16 |
) |
(0.12 |
) |
(2.09 |
) |
(0.37 |
) |
Weighted average number of ordinary shares and preferred shares
used in computing basic and diluted net loss per share |
264,141,657 |
|
198,999,979 |
|
159,596,841 |
|
219,207,053 |
|
152,393,020 |
|
REE AUTOMOTIVE LTD. CONDENSED
CONSOLIDATED BALANCE SHEETSU.S. dollars in
thousands (except share and per share data)
|
September 30, |
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
Unaudited |
|
Audited |
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
294,489 |
|
|
$ |
44,707 |
|
Restricted cash |
|
1,074 |
|
|
|
800 |
|
Short-term deposits |
|
- |
|
|
|
1,667 |
|
Inventory |
|
253 |
|
|
|
271 |
|
Trade receivables |
|
1 |
|
|
|
55 |
|
Other receivables and prepaid expenses |
|
10,612 |
|
|
|
428 |
|
Total current assets |
|
306,429 |
|
|
|
47,928 |
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
Deferred transaction costs |
|
- |
|
|
|
328 |
|
Property and equipment, net |
|
1,921 |
|
|
|
755 |
|
Total non-current assets |
|
1,921 |
|
|
|
1,083 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
308,350 |
|
|
$ |
49,011 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Trade payables |
$ |
3,399 |
|
|
$ |
970 |
|
Other payables and accrued expenses |
|
7,358 |
|
|
|
2,260 |
|
Deferred revenues |
|
578 |
|
|
|
- |
|
Total current
liabilities |
|
11,335 |
|
|
|
3,230 |
|
|
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
|
Warrants
liability |
|
14,795 |
|
|
|
- |
|
Total non-current
liabilities |
|
14,795 |
|
|
|
- |
|
|
|
|
|
TOTAL
LIABILITIES |
|
26,130 |
|
|
|
3,230 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Ordinary and Preferred shares(1) |
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
850,077 |
|
|
|
154,959 |
|
Accumulated deficit |
|
(567,857 |
) |
|
|
(109,178 |
) |
Total shareholders'
equity |
|
282,220 |
|
|
|
45,781 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
308,350 |
|
|
$ |
49,011 |
|
(1) Shares and per share data are presented on a
retroactive basis to reflect the stock split following completion
of the Merger on July 22, 2021.
REE AUTOMOTIVE LTD. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWU.S. dollars
in thousands (Unaudited)
|
|
|
Nine Months EndedSeptember 30, |
|
|
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating
activities: |
|
|
|
|
Net loss |
|
|
(458,679 |
) |
|
|
(56,994 |
) |
Adjustments required to reconcile
net loss to net cash used in operating activities: |
|
|
|
|
Depreciation |
|
|
292 |
|
|
|
115 |
|
Capital loss |
|
|
92 |
|
|
|
18 |
|
Share-based compensation |
|
|
433,962 |
|
|
|
48,039 |
|
Revaluation of warrants
liability |
|
|
(17,263 |
) |
|
|
- |
|
Transaction costs related to
warrants |
|
|
2,887 |
|
|
|
- |
|
Decrease in inventory |
|
|
18 |
|
|
|
49 |
|
Decrease (increase) in trade
receivables |
|
|
54 |
|
|
|
(61 |
) |
Increase in other receivables and
prepaid expenses |
|
|
(10,124 |
) |
|
|
(343 |
) |
Increase in trade payables |
|
|
2,635 |
|
|
|
866 |
|
Increase in other payables and
accrued expenses |
|
|
4,879 |
|
|
|
767 |
|
Deferred revenues |
|
|
578 |
|
|
|
- |
|
Net cash used in operating
activities |
|
|
(40,669 |
) |
|
|
(7,544 |
) |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
Proceeds from deposits |
|
|
1,667 |
|
|
|
- |
|
Purchase of property and
equipment |
|
|
(1,428 |
) |
|
|
(510 |
) |
Net cash provided by (used in)
investing activities |
|
|
239 |
|
|
|
(510 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
Proceeds from exercise of
warrants to preferred shares |
|
|
2,907 |
|
|
|
- |
|
Proceeds from merger, net of
transaction costs |
|
|
287,579 |
|
|
|
- |
|
Proceeds from exercise of
ordinary shares |
|
|
- |
|
|
|
209 |
|
Proceeds from issuance of
Preferred shares, net |
|
|
- |
|
|
|
25,825 |
|
Net cash provided by financing
activities |
|
|
290,486 |
|
|
|
26,034 |
|
|
|
|
|
|
Increase in cash, cash
equivalents and restricted cash |
|
|
250,056 |
|
|
|
17,980 |
|
Cash, cash equivalents and
restricted cash at beginning of year |
|
|
45,507 |
|
|
|
27,712 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
$ |
295,563 |
|
|
$ |
45,692 |
|
Reconciliation of GAAP Financial Metrics to
Non-GAAPU.S. dollars in thousands (except share
and per share data)(Unaudited)
Reconciliation of Net Loss to Adjusted
EBITDA
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
|
September 30,2021 |
|
September 30,2020 |
|
Net Loss on a GAAP Basis |
(414,905 |
) |
(31,176 |
) |
(18,787 |
) |
(458,679 |
) |
(56,994 |
) |
Financial income, net |
(114 |
) |
(8 |
) |
(84 |
) |
(126 |
) |
(377 |
) |
Income tax expense |
13 |
|
45 |
|
- |
|
58 |
|
- |
|
Depreciation and amortization |
123 |
|
95 |
|
50 |
|
292 |
|
115 |
|
Income from warrant revaluation |
(17,263 |
) |
- |
|
- |
|
(17,263 |
) |
- |
|
Transaction costs related to warrants |
2,887 |
|
- |
|
- |
|
2,887 |
|
- |
|
Share-based compensation |
409,829 |
|
20,027 |
|
14,388 |
|
433,962 |
|
48,040 |
|
Adjusted EBITDA(1) |
(19,430 |
) |
(11,017 |
) |
(4,433 |
) |
(38,869 |
) |
(9,216 |
) |
(1) Adjusted EBITDA excludes non-GAAP
adjustments for share-based compensation, income from warrant
revaluation and transaction costs related to warrants.
Reconciliation of GAAP cost of sales expenses to
Non-GAAP cost of sales expenses; GAAP research and development
expenses to Non-GAAP research and development expenses;
GAAP selling, general, and administrative
expenses to Non-GAAP selling,
general, and administrative expenses; GAAP net
loss to Non-GAAP net loss, and GAAP net loss per Share, basic and
diluted to Non-GAAP net loss per Share, basic and
diluted
|
Three Months Ended |
|
Nine Months Ended |
|
September 30,2021 |
|
|
June 30,2021 |
|
|
September 30,2020 |
|
|
September 30,2021 |
|
|
September 30,2020 |
|
GAAP
cost of sales |
324 |
|
|
4 |
|
|
224 |
|
|
339 |
|
|
569 |
|
Share-based compensation |
(309 |
) |
|
- |
|
|
- |
|
|
(309 |
) |
|
- |
|
Non-GAAP cost of sales |
15 |
|
|
4 |
|
|
224 |
|
|
30 |
|
|
569 |
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expenses |
212,438 |
|
|
9,545 |
|
|
4,465 |
|
|
229,132 |
|
|
24,618 |
|
Share-based compensation (1) |
(200,194 |
) |
|
(1,537 |
) |
|
(1,832 |
) |
|
(203,376 |
) |
|
(19,574 |
) |
Non-GAAP research and development
expenses |
12,244 |
|
|
8,008 |
|
|
2,633 |
|
|
25,756 |
|
|
5,044 |
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general, and administrative
expenses |
219,507 |
|
|
21,590 |
|
|
14,301 |
|
|
246,545 |
|
|
32,520 |
|
Transaction costs related to warrants |
(2,887 |
) |
|
- |
|
|
- |
|
|
(2,887 |
) |
|
- |
|
Share-based compensation (1) (2) |
(209,326 |
) |
|
(18,490 |
) |
|
(12,556 |
) |
|
(230,277 |
) |
|
(28,466 |
) |
Non-GAAP selling, general, and administrative
expenses |
7,294 |
|
|
3,100 |
|
|
1,745 |
|
|
13,381 |
|
|
4,054 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
(414,905 |
) |
|
(31,176 |
) |
|
(18,787 |
) |
|
(458,679 |
) |
|
(56,994 |
) |
Transaction costs related to warrants |
2,887 |
|
|
- |
|
|
- |
|
|
2,887 |
|
|
- |
|
Income from warrant revaluation(3) |
(17,263 |
) |
|
- |
|
|
- |
|
|
(17,263 |
) |
|
- |
|
Share-based compensation(1) (2) |
409,829 |
|
|
20,027 |
|
|
14,388 |
|
|
433,962 |
|
|
48,040 |
|
Non-GAAP net loss |
(19,452 |
) |
|
(11,149 |
) |
|
(4,399 |
) |
|
(39,093 |
) |
|
(8,954 |
) |
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic and diluted net loss per
share |
(0.07 |
) |
|
(0.06 |
) |
|
(0.03 |
) |
|
(0.18 |
) |
|
(0.06 |
) |
(1) As disclosed in the Company’s 20-F form as of July 28, 2021,
the share-based compensation expenses resulted mainly from options
which were granted to founders prior to the merger with 10X Capital
and were vested at the time of closing. As a result, the Company
recorded non-cash share-based compensation expenses in the amount
of $194.2 million and $194.2 million in research and development
expenses and in selling, general and administrative expenses,
respectively.(2) In June and August 2021, the Company issued
ordinary shares to a strategic partner. For the second and third
quarter of 2021, the Company recorded non-cash share-based
compensation expenses in the amount of $15.9 million and $3.0
million in selling, general and administrative expenses,
respectively.(3) In July 2021 the Company assumed public and
private warrants as part of its merger with 10x Capital. For the
third quarter of 2021, the change in fair value of the warrants
resulted in the Company recording non-cash income of $17.3
million.
About REE AutomotiveREE
(Nasdaq: REE) is an automotive technology leader whose mission is
to empower companies to build any size or shape of electric or
autonomous vehicle – from Class 1 through Class 6 – for any
application and any target market. REE aims to serve as the
underpinning on top of which EVs and AVs will be built and
envisions a future where EVs and AVs will be ‘Powered by REE’.
REE’s revolutionary technology – the REEcorner™
– packs critical vehicle components (steering, braking, suspension,
powertrain and control) into a single compact module positioned
between the chassis and the wheel, enabling REE to build the
industry’s flattest EV platforms with more room for passengers,
cargo and batteries. REE uses x-by-wire technology to control each
of the corners of the vehicles with full drive-by-wire,
brake-by-wire and steer-by-wire.
REE’s EV platforms afford complete freedom of
design, enabling auto-manufacturers, OEMs, delivery & logistic
fleets, Mobility-as-a-Service providers and new mobility players to
design mission-specific EVs and AVs based on their exact business
requirements and significantly reduce their time-to-market, lower
TCO and meet zero-carbon regulations.
Headquartered in Herzliya, Israel, REE has an
Engineering Center in the UK, as well as subsidiaries worldwide
including Japan and Germany, and plans to open its U.S.
headquarters and first Integration Center in Austin, Texas. REE’s
unique CapEx-light manufacturing model leverages Tier-1 partners’
existing production lines; the company’s extensive partner
ecosystem encompasses leading names including Hino Motors (truck
arm of Toyota), Magna International, JB Poindexter, Navya and
American Axle & Manufacturing to provide a full turnkey
solution.
REE’s patented technology, together with its
unique value proposition, position it to break new ground in
e-Mobility. For more information visit https://www.ree.auto.
Caution About Forward-Looking
StatementsThis communication includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. Words such as
“may,” “will,” “should,” “likely,” “anticipates,” “expects,”
“intends,” “plan,” “projects,” “believes,” “views,” “estimates”,
“future”, “allow”, “aims”, “strives” “endeavors” and similar
expressions are used to identify these forward-looking
statements. These statements include, among other things, the
Company’s statements about the Company’s strategic and business
plans, relationships or outlook, the impact of trends on and
interest in its business, intellectual property or product and its
future results. These forward-looking statements are based on REE’s
expectations and beliefs concerning future events and involve risks
and uncertainties that may cause actual results to differ
materially from current expectations. These factors are difficult
to predict accurately and may be beyond REE’s control.
Forward-looking statements in this communication or elsewhere speak
only as of the date made and REE undertakes no obligation to update
its forward-looking statements, whether as a result of new
information, future developments or otherwise, should circumstances
change, except as otherwise required by securities and other
applicable laws. In light of these risks and uncertainties,
investors should keep in mind that results, events or developments
discussed in any forward-looking statement made in this
communication may not occur. Uncertainties and risk factors that
could affect REE’s future performance and cause results to differ
from the forward-looking statements in this release include, but
are not limited to: REE’s ability to commercialize its
strategic plan; REE’s ability to maintain and advance relationships
with current Tier 1 suppliers and strategic partners; development
of REE’s advanced prototypes into marketable products; REE’s
ability to grow and scale manufacturing capacity through
relationships with Tier 1 suppliers; REE’s estimates of unit sales,
expenses and profitability and underlying assumptions; REE’s
reliance on its UK Engineering Center of Excellence for the design,
validation, verification, testing and homologation of its products;
REE’s limited operating history; risks associated with REE’s
commercial production in 2023 and thereafter; REE’s dependence on
potential suppliers, some of which will be single or limited
source; development of the market for commercial EVs; intense
competition in the e-mobility space, including with competitors who
have significantly more resources; risks related to the fact that
the Company is incorporated in Israel and governed by Israeli law;
REE’s ability to make continued investments in its platform; the
impact of the ongoing COVID-19 pandemic and any other worldwide
health epidemics or outbreaks that may arise; the need to attract,
train and retain highly-skilled technical workforce; changes in
laws and regulations that impact REE; REE’s ability to enforce,
protect and maintain intellectual property rights; REE’s ability to
retain engineers and other highly qualified employees to further
its goals; and other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in REE’s final prospectus relating to
its business combination filed with the U.S. Securities and
Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent
filings with the SEC. While the list of factors discussed above and
the list of factors presented in the final prospectus are
considered representative, no such list should considered to be a
complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements.
Contacts: |
|
Investor
Relations |
Media |
Limor Gruber |
Keren Shemesh |
VP Investor Relations | REE
Automotive |
Chief Marketing Officer | REE
Automotive |
+972-50-5239233 |
+972-54-5814333 |
investors@ree.auto |
media@ree.auto |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c69802a2-bbfb-4dd4-88f1-e57c6e4bd715
https://www.globenewswire.com/NewsRoom/AttachmentNg/8baf0547-5150-45de-8199-41bdc29d9052
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a44038e-a45d-4e54-9d28-e599545381e2
https://www.globenewswire.com/NewsRoom/AttachmentNg/b480b594-846f-4561-b064-d02abccbbd69
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