Vicinity Motor Corp. Announces At-the-Market Equity Program
VANCOUVER, BC - August 27, 2021 - Vicinity Motor Corp. (TSXV:VMC)(NASDAQ:VEV)(FRA:6LG)("Vicinity Motor" or the "Company"), a leading supplier of electric, CNG and clean diesel vehicles, today announced that it has entered into an equity distribution agreement dated August 27, 2021 with B. Riley Securities, Inc. on behalf of itself and co-sales agent Spartan Capital Securities, LLC, whereby the Company may, at its discretion and from-time-to-time, sell up to US$50 million of common shares using “at-the-market” distributions.
The sale of the Common Shares (the "ATM Program") is being made by way of a prospectus supplement dated August 27, 2021, covering the sale of up to US$50 million of Common Shares (the "Prospectus Supplement"), to the Company's existing U.S. registration statement on Form F-10 dated August 17, 2021 (the "Registration Statement") and Canadian short form base shelf prospectus (the "Base Shelf Prospectus") dated April 19, 2021. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus may be obtained by contacting B. Riley Securities by phone at (703) 312-9580, or by emailing prospectuses@brileyfin.com. The Prospectus Supplement and the Registration Statement are also available on the SEC's website and the Prospectus Supplement (together with the related Base Shelf Prospectus) is available on the SEDAR website maintained by the Canadian Securities Administrators.
Sales under the ATM Program will be commenced at the Company’s discretion, and the net proceeds of any sales are expected to be used for general corporate purposes, including new product development and certifications, new product demonstration models, expansion of production capacity and general working capital. The Company has no obligation to sell any common shares pursuant to the ATM program.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. “At the market” distributions will be as defined in the Canadian Securities Administrators' National Instrument 44-102 - Shelf Distributions, including sales made directly on the Nasdaq Capital Market ("Nasdaq"), or any other recognized trading market upon which the Common Shares are listed or quoted in the United States. No offers or sales of Common Shares will be made in Canada on the TSX Venture Exchange (the "TSXV") or other trading markets in Canada.