Vicinity Motor Corp Stock Price, News & Analysis

Vicinity Motor Corp. (NASDAQ:VEV) has signed a distribution agreement with Schetky Bus and Van Sales to enhance its sales and service network across Washington, Oregon, Idaho, and Alaska. This partnership allows Schetky to distribute Vicinity's electric vehicle lineup, including the Vicinity Lightning, with an initial order of 18 vehicles. Schetky, celebrating 80 years in the industry, aims to leverage the region's low electric energy costs and booming demand for EVs. This move aligns with Vicinity's strategy to expand its footprint in the growing electric vehicle market.

Vicinity Motor Corp. (NASDAQ:VEV) announced the granting of 104,012 Deferred Share Units (DSUs) to certain directors as part of their remuneration for the calendar year 2022, specifically for Q2. The company, a North American supplier of commercial electric vehicles, continues to expand its offerings, including electric buses and delivery vehicles in partnership with J.B. Poindexter's EAVX unit. This move is part of their strategic focus on electric and clean-diesel vehicles.

Vicinity Motor Corp. (NASDAQ:VEV) has secured an order for six electric buses valued at over CAD$3 million. The buses will provide a cleaner shuttle service between the Billy Bishop Toronto City Airport and Union Station, supporting Nieuport Aviation's net-zero carbon emission goals. Delivery is expected in Q1 2023. This order aligns with a market shift towards electric transportation, offering benefits such as reduced air pollution and lower maintenance costs. CEO William Trainer emphasizes the bus's versatility and efficiency as pivotal in delivering sustainable transportation.

Vicinity Motor Corp. (NASDAQ:VEV) has successfully extended the maturity date of its 8% unsecured debenture worth CAD$10.3 million to October 4, 2023, enhancing liquidity for upcoming operational needs. In exchange, the company issued 1,000,000 new share purchase warrants with an exercise price of $2.25, while canceling previously issued warrants. CEO William Trainer highlighted ongoing strong business momentum and expressed optimism about fulfilling order backlogs. This extension is expected to facilitate continued operational success and shareholder value creation.

Vicinity Motor Corp. (NASDAQ:VEV) has announced an extension of the maturity date for its CAD$10.3 million unsecured debenture by one year to October 4, 2023. The company will issue 1 million new warrants to the lender as part of this agreement, with an exercise price of $2.25 per share. CEO William Trainer highlighted that this extension enhances capital structure flexibility, allowing the company to leverage an order backlog exceeding $90 million. The transaction is pending TSX Venture Exchange approval.

Vicinity Motor Corp. (NASDAQ:VEV) announced its participation in two upcoming investor conferences in June 2022. The first event is the Benzinga All-Access Show on June 10, starting at 11:00 a.m. Eastern time, followed by a presentation at the Diamond Equity Research Virtual Emerging Growth Invitational on June 23 at 1:00 p.m. Eastern time. Both sessions will include a Q&A segment. Live webcasts will be available for both events, providing insights into Vicinity's electric vehicle offerings. For more details, visit Vicinity's website.

Vicinity Motor Corp. (NASDAQ:VEV) reported a strong order backlog exceeding USD$90 million for 2022, with significant new distribution agreements in the U.S. and Canada. The company faced challenges with revenue, which decreased to $3.2 million from $21.5 million year-over-year, primarily due to supply chain issues affecting deliveries. The net loss was $2.9 million for Q1 2022 compared to a profit of $1.6 million in Q1 2021. Despite these setbacks, the company strengthened its balance sheet with $12 million financing and aims to ramp up production later in the year.

Vicinity Motor Corp. (NASDAQ:VEV) announced it will release its Q1 2022 financial results on May 16, 2022, after market close. The company will host an investor conference call at 4:30 PM ET on the same day to discuss results and provide corporate updates. Participants can join using a dedicated dial-in or via webcast. Vicinity specializes in electric vehicles and related technologies for commercial and public use, leveraging partnerships for vehicle production and sales.