Xos to acquire ElectraMeccanica in all-stock transaction

Xos, a manufacturer of medium-duty commercial electric trucks, has entered into a definitive agreement to acquire all shares of ElectraMeccanica in an all-stock transaction. The deal will provide Xos with access to ElectraMeccanica's approximately $48.5 million cash balance to meet growing demand for zero-emission trucks.

“The proposed transaction represents a unique opportunity for Xos to meet the growing demand for zero-emission medium-duty electric trucks by providing Xos with access to ElectraMeccanica’s cash balance which is expected to be approximately $48.5 million at the time of the closing of the transaction.”index.businessinsurance.com

• 1 source
• index.businessinsurance.comXos and ElectraMeccanica Announce Proposed Combination to Accelerate Xos’ Leadership Position in Manufacturing Commercial Electric Vehicles for Major U.S. Fleet CustomersElectraMeccanicaJan 11, 2024

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