Vicinity Motor Corp Stock Price, News & Analysis

Vicinity Motor Corp. (NASDAQ:VEV) is set to showcase its VMC 1200 Class 3 Electric Truck at the Advanced Clean Transportation Expo in Anaheim, California, from May 2-4, 2023. The truck is upfitted by strategic partner EAVX and features a utility body from the Reading Truck Group. The ACT Expo is a key event for showcasing advanced transportation technologies and clean fuels, attracting over 8,500 transportation leaders. The VMC 1200’s versatility will be highlighted as part of Vicinity's ongoing commitment to innovation and its partnership with J.B. Poindexter & Co., Inc. This display offers a significant opportunity to engage potential customers and fleet operators.

Vicinity Motor Corp. (NASDAQ:VEV), a supplier of commercial electric vehicles, has announced the granting of Deferred Share Units (DSUs) to certain directors as part of their remuneration for 2023. A total of 180,378 DSUs were granted for the first quarter. The company specializes in electric, CNG, and clean-diesel buses and the VMC 1200 electric truck, utilizing a robust dealer network and partnerships for supply. The press release highlights that forward-looking statements involve risks, including market conditions and operational strategies.

Vicinity Motor Corp. (NASDAQ:VEV) reported its financial results for 2022, revealing a revenue decline to $18.5 million from $41.7 million in 2021. The fourth quarter generated $2.0 million in revenue, slightly down from $2.3 million in Q4 2021. The company incurred a net loss of $18.0 million for the full year, with a per-share loss of $(0.45). Despite this, the order backlog exceeds $150 million, primarily for electric vehicles. Vicinity is poised to commence assembly operations at its new manufacturing facility in Ferndale, Washington, while securing financing of US$30 million for its VMC 1200 EV Truck production.

Vicinity Motor Corp. (NASDAQ:VEV) has closed a non-brokered private placement of CAD$4 million in unsecured convertible debentures. The funds are aimed at accelerating the production and delivery of the company's US$150 million order backlog. The debentures, issued in CAD$1,000 denominations with a 15% annual interest rate, mature in 18 months. They are convertible into units at a price of CAD$1.45, each unit consisting of one common share and purchase warrants. Notably, insiders participated in this placement, exempting it from minority shareholder approval under specific guidelines.

Vicinity Motor Corp. (NASDAQ:VEV) will release its fourth-quarter and full-year 2022 financial results after market close on March 30, 2023. Management will host a conference call at 4:30 p.m. Eastern Time to discuss the results and provide a corporate update. The call will include a Q&A session for investors. Participants can dial in using the provided numbers or access a webcast through the company's website. A playback will be available until April 30, 2023. Vicinity specializes in commercial electric vehicles and has significant relationships with manufacturing partners to supply buses and trucks.