Electrameccanica Vehicles SOLO shares are trading higher after the company announced its strategic partner Zongshen Indutrial Group exercised 1.4 million warrants.
"We are pleased to have received these proceeds from the warrant exercise – serving as validation of all that we do at ElectraMeccanica," said Kevin Pavlov, CEO of ElectraMeccanica.
ElectraMeccanica received approximately CAD$5.6 million in proceeds as a result of the warrant exercise.
"We strongly believe in ElectraMeccanica's mission and the groundbreaking SOLO EV, with this warrant exercise is a clear testament to our confidence in the Company's future and the value we place on our mutual relationship," said Zongshen Industrial Group Chairman Zuo.
ElectraMeccanica commenced first customer deliveries of its SOLO EV on October 4.
ElectraMeccanica Vehicles Corp. is a Canadian designer and manufacturer of environmentally efficient electric vehicles. The company's flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO.
The stock has a 52-week high of $13.6 and a 52-week low of $2.58.
The stock was trading 9.01% higher at $3.87 per share at the time of publication.
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