- Vicinity Motor Corp VEV reported a public offering of 3.99 million units at $4.26 per Unit. Each Unit consists of one common share and one-half of one Common Share purchase warrant.
- The company expects gross proceeds from the offering to be about $17 million.
- Each Warrant will entitle the holder to purchase one common share at an exercise price of $5.10.
- Vicinity Motor intends to use the net proceeds from the offering for the $12 million portions of the license fee payable to Optimal-EV and general corporate purposes.
- The offering is expected to close on or about October 25, 2021.
- Spartan Capital Securities, LLC is acting as the sole book-running manager for the offering.
- Price Action: VEV shares are trading lower by 16.6% at $4.18 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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