on Vicinity Motor Corp. (NASDAQ:VEV)
Vicinity Motor Corp. Applies for Management Cease Trade Order
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has announced the request for a temporary Management Cease Trade Order (MCTO) from the British Columbia Securities Commission. This request is linked to the Company's delay in filing its interim financial statements and MD&A for the six months ended June 30, 2024.
The delay stems from a demand on August 9, 2024, by secured creditors for the payment of outstanding debt. The company expects to finalize these filings by September 13, 2024. Vicinity has imposed an insider trading blackout and will follow alternative information guidelines.
To address immediate liquidity concerns, Vicinity has temporarily laid off 45 employees in Canada and 10 in the United States. The company remains operational, rescheduling its second quarter 2024 earnings conference call to a future date.
R. H.
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