Electra Meccanica Announces Pricing of $12.0 Million Registered Direct Offering
March 25 2019 - 9:00AM
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“Electra Meccanica”
or, the “Company”), a designer and manufacturer of electric
vehicles, today announced it has entered into purchase agreements
for the purchase of an aggregate of 3,333,334 common shares of the
Company (the “Common Shares”) at an offering price of $3.60 per
Common Share for aggregate gross proceeds of $12.0 million before
placement agent fees and other offering expenses. The offering is
expected to close on or about March 27, 2019, subject to customary
closing conditions.
Electra Meccanica intends to use the net proceeds from this
offering to further design and development the Company’s two-seater
sports car, for the production of the SOLO and for working capital
and for general corporate purposes.
The Benchmark Company, LLC, ThinkEquity, a division of Fordham
Financial Management, Inc., and Roth Capital Partners, LLC are
acting as co-lead placement agents for the offering.
A registration statement on Form F-3 relating to the Common
Shares was filed with the Securities and Exchange Commission and is
effective. The offering is being made only by means of a
prospectus. A preliminary prospectus supplement relating to the
offering has been filed with the SEC and a final prospectus
supplement and an accompanying prospectus relating to the offering
will be filed with the SEC and will be available on the SEC’s web
site at www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus may also be obtained from
ThinkEquity, 17 State Street, 22nd Floor, New York, NY 10004,
(646) 968-9355, Email: prospectus@think-equity.com; Roth
Capital Partners, LLC, Equity Capital Markets, 888 San Clemente,
Suite 400, Newport Beach, CA 92660, (800) 678-9147, E-mail:
rothecm@roth.com.; or The Benchmark Company, LLC, Attn: Prospectus
Department, 150 E 58th Street, 17th floor, New York, NY 10155,
212-312-6700, Email: prospectus@benchmarkcompany.com; or the
above-referenced SEC website.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, 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.
About Electra Meccanica Vehicles Corp.Electra
Meccanica (NASDAQ: SOLO) is a designer and manufacturer of electric
vehicles. The Company builds the innovative, all-electric SOLO, a
single passenger vehicle developed to revolutionize the way people
commute, as well as the Tofino, an elegant high-performance
two-seater electric roadster sports car. Both vehicles are tuned
for the ultimate driving experience while making your commute more
efficient, cost-effective and environmentally friendly.
Intermeccanica, a subsidiary of Electra Meccanica, has successfully
been building high-end specialty cars for 59 years.
Forward Looking StatementsSome of the
statements contained in this press release are forward-looking
statements and information within the meaning of applicable
securities laws, including statements regarding the size and
closing of the offering. Forward-looking statements and information
can be identified by the use of words such as “expects”, “intends”,
“is expected”, “potential”, “suggests” or variations of such words
or phrases, or statements that certain actions, events or results
“may”, “could”, “should”, “would”, “might” or “will” be taken,
occur or be achieved. Forward-looking statements and information
are not historical facts and are subject to a number of risks and
uncertainties beyond the Company’s control. Actual results and
developments are likely to differ, and may differ materially, from
those expressed or implied by the forward-looking statements
contained in this news release. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements, except as may be required by law.
Media Contact:Sean Mahoney (310)
867-0670sean@ElectraMeccanica.com
Investor Relations:Greg FalesnikManaging
DirectorMZ Group - MZ North America(949)
385-6449greg.falesnik@mzgroup.us www.mzgroup.us
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