Name Change to Reflect Increasing Focus on Next-Generation Electric (EV) Bus Commercialization Efforts
Company Announces Share Consolidation Pending Shareholder Approval to Meet Near-Term NASDAQ Uplisting Requirements
VANCOUVER, BC / ACCESSWIRE / February 25, 2021 / Grande West Transportation Group Inc. (TSXV:BUS)(OTCQX:BUSXF)(FRA:6LG) ("Grande West" or the "Company"), a leading supplier of electric, CNG, gas and clean diesel buses, announces that it will convene an Extraordinary Meeting of Shareholders on March 24th, 2021 to seek shareholder approval for a consolidation of its share capital in order to meet near-term NASDAQ uplisting requirements. The proposal to be presented calls for up to every three (3) shares of the Company before consolidation to be consolidated into one (1) share. The Company currently has 86,507,263 shares outstanding and, accordingly approximately 28,835,754 shares will be outstanding after the consolidation.
Concurrent with the share consolidation, the Company will change its name to Vicinity Motor Corp. to reflect the Company's increasing focus on the commercialization of its next-generation electric buses.
"We are thrilled to announce our name change to Vicinity Motor Corp. and our pursuit of a NASDAQ listing in 2021," said William Trainer, President and Chief Executive Officer of the Company. "We believe that a NASDAQ listing will enable us to improve liquidity, broaden our potential shareholder base to U.S. investors and best allow the Company to achieve fair value in the capital markets. I look forward to continued operational and capital markets execution in the months ahead, positioning the company for what I believe will be a watershed year."
The share consolidation is subject to shareholder approval, and documentation in support being accepted for filing by the TSX Venture Exchange and the Registrar of Companies for the Province of British Columbia. The name change is also subject to regulatory approval.