VANCOUVER, BC / ACCESSWIRE / September 23, 2022 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has engaged SagePoint Capital Partners ("SagePoint") as special advisor to provide advice and assistance with various strategic, corporate development, and capital markets related initiatives.
"The capital markets require expertise to navigate successfully and SagePoint brings this experience to Vicinity. As an extension of management, SagePoint will help augment our overarching business and capital markets strategies as we continue to expand our shareholder register with high-quality, long-term supportive investors," said William Trainer, Founder and CEO of Vicinity Motor Corp. "We believe now is the opportune time to close the gap that exists between our end market acceptance and our capital markets positioning."
In connection with SagePoint's engagement, and subject to the approval of the TSX Venture Exchange, SagePoint will be issued 1,000,000 common share purchase warrants ("Warrants") in the share capital of the Company. The Warrants, which are subject to a regulatory hold period, are priced at CAD$1.68, representing a 20% premium to the market price and will vest on the 12-month anniversary of issuance, and expire on the 36-month anniversary of issuance. Additionally, SagePoint will receive cash compensation in the amount of $200,000 payable in quarterly installments.
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.
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Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships; and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE: Vicinity Motor Corp.