Vicinity Motor Shares Nosedive After $12M Equity Offering

by Shivani Kumaresan, Benzinga Staff Writer

March 24, 2022 9:45 AM | 1 min read |

Vicinity Motor Corp VEV has entered into definitive agreements with new and existing institutional and accredited investors for the purchase and sale of 4.44 million shares and warrants to buy 4.44 million shares.
Each unit is priced at $2.70 per unit. The gross proceeds of the offering are expected to be $12 million.
The warrants will be exercisable six months from the closing of the offering at an exercise price of $3.36 per common share.
The closing of the offering is expected to occur on or about March 28, 2022.
Price Action: VEV shares are trading lower by 29.8% at $2.36 on the last check Thursday.