Vicinity Motor Corp. updates on quarterly financial filings in September 2024

Vicinity Motor Corp., a North American supplier of commercial electric vehicles, announced an update regarding its interim financial statements for the six months ending June 30, 2024. The British Columbia Securities Commission granted a management cease trade order on August 15, 2024, due to the late filing of these financial documents. This order restricts the CEO and CFO from trading the company's securities until the filings are completed and the order is revoked. The company is actively working with its accounting team and stakeholders to finalize the interim filings, which are expected to be completed by October 11, 2024. This timeline aligns with the conclusion of a 60-day workout and financial restructuring plan that the company has initiated with its secured lenders. The management is committed to adhering to alternative information guidelines during this period of default, including issuing bi-weekly status reports. Since the announcement of the management cease trade order, Vicinity has confirmed that there have been no material changes to the previously disclosed information, and it is not currently facing any insolvency proceedings. The company is focused on maintaining transparency with its shareholders and stakeholders while navigating this challenging financial situation. Vicinity Motor Corp. continues to leverage its dealer network and partnerships to supply electric buses and trucks to the transit and industrial markets. The company’s future performance will depend on the successful execution of its restructuring plan and the overall economic conditions affecting its operations.