A Canadian vehicle company has been finding pretty substantial success so far during Wednesday’s session after the company announced that it has reached an agreement with its secured lender to execute a workout and financial restructuring plan to address the previously announced demands from Royal Bank of Canada and Export Development Canada in respect of outstanding credit facilities to progress towards financial stability for the company.
Shares of %VicinityMotor Corp. (Nasdaq: $VEV ) rallied strongly on the news, with the micro cap rising up to $0.1975/share (+31.58%) at the early session high.
Vicinity Motor Corp. is a Canada-based supplier of %CommercialElectricVehicles for both public and commercial enterprise use. The Company is engaged in the production and sale of buses and spare parts in North America. It leverages a dealer network and close relationships with manufacturing partners to supply its flagship electric, compressed natural gas (CNG) and clean-diesel vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its electric chassis alongside J.B. Poindexter business unit EAVX, which is the Company’s partner, for upfitting into delivery vehicles. The Company’s various buses and truck models include Vicinity Lightning EV, Vicinity Classic, VMC 1200, VMC Optimal S1LF and VMC Optimal E1. Its geographic segments include United Stated and Canada. The Company’s subsidiaries include Vicinity Motor (Bus) USA Corp. and Vicinity Motor (Bus) Corp.
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