Electra Meccanica Announces Closing of $12.0 Million Registered Direct Offering
March 27 2019 - 11:42AM
Electra Meccanica Vehicles Corp. (NASDAQ: SOLO; SOLOW) (“Electra
Meccanica” or the “Company”), a designer and manufacturer of
electric vehicles, today announced the closing of its previously
announced registered direct offering of 3,333,334 common shares
(each a “Share”) at a price of $3.60 per Share, for gross proceeds
of approximately $12 million.
Net proceeds to Electra Meccanica from the offering were
approximately $11.0 million after underwriting discounts and
commissions and other estimated offering expenses.
The Benchmark Company, LLC, ThinkEquity, a division of Fordham
Financial Management, Inc., and Roth Capital Partners, LLC acted as
co-lead placement agents for the offering.
This press release 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 and Exchange Commission declared effective a
registration statement on Form F-3 relating to these securities on
October 31, 2018. The offering was made only by means of a
prospectus. A final prospectus supplement relating to this offering
has been filed with the Securities and Exchange Commission and is
available at www.sec.gov. Copies of the final prospectus supplement
relating to the offering may be obtained from the offices of The
Benchmark Company, LLC, Attn: Prospectus Department, 150 E
58th Street, 17th floor, New York, NY 10155, 212-312-6700,
Email: prospectus@benchmarkcompany.com; 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
above-referenced SEC website.
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. 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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