{"id":788218,"date":"2023-10-04T18:10:39","date_gmt":"2023-10-04T22:10:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/electrameccanica-terminates-arrangement-agreement-with-tevva\/"},"modified":"2023-10-04T18:10:39","modified_gmt":"2023-10-04T22:10:39","slug":"electrameccanica-terminates-arrangement-agreement-with-tevva","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/electrameccanica-terminates-arrangement-agreement-with-tevva\/","title":{"rendered":"ElectraMeccanica Terminates Arrangement Agreement With Tevva"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>ElectraMeccanica Terminates Arrangement Agreement With Tevva<\/b><\/p>\n<p>MESA, Ariz.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (\u201cElectraMeccanica\u201d), a designer and assembler of electric vehicles, today announced that it has terminated\u2014with immediate effect\u2014the previously-announced arrangement agreement with Tevva Motors Limited (\u201cTevva\u201d) as a result of multiple incurable breaches of the agreement by Tevva, including failures by Tevva to disclose to ElectraMeccanica material information about Tevva.<\/p>\n<p>\nThe decision to terminate the agreement was made by a unanimous decision of ElectraMeccanica\u2019s Board of Directors based on additional information that came to light following execution of the arrangement agreement. Pursuant to a facility letter entered into between ElectraMeccanica and Tevva concurrent with the execution of the arrangement agreement, the principal amount lent under the secured facility, together with any accrued interest and other sums, are due and repayable to ElectraMeccanica by no later than January 2, 2024.<\/p>\n<p>\nElectraMeccanica intends to explore all legal recourse available to it in connection with Tevva\u2019s material breaches of the arrangement agreement.<\/p>\n<p>\nElectraMeccanica believes that it remains well-capitalized and intends to continue exploring other strategic third-party opportunities and potential options for its business.<\/p>\n<p><b>About ElectraMeccanica<\/b><\/p>\n<p>\nElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of environmentally efficient electric vehicles intended to enhance the urban driving experience, including commuting, delivery and shared mobility.<\/p>\n<p><b>Safe Harbor Statement<\/b><\/p>\n<p>\nThis press release includes \u201cforward-looking statements\u201d within the meaning of U.S. federal securities laws and applicable Canadian securities laws. Forward-looking statements may be identified by words or expressions such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cprojects,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cseek,\u201d \u201cforecast,\u201d or other similar expressions. Forward-looking statements represent current judgments about possible future events, including, but not limited to, ElectraMeccanica\u2019s belief that it remains well-capitalized and that it intends to continue exploring other strategic third-party opportunities and potential options for its business.<\/p>\n<p>\nForward-looking statements are based on the current beliefs or expectations of the management of ElectraMeccanica and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond ElectraMeccanica\u2019s control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in ElectraMeccanica\u2019s filings with the Securities and Exchange Commission (the \u201cSEC\u201d), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, its Quarterly Reports on Form 10-Q filed with the SEC during 2023, as well as in its subsequent filings with the SEC. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of ElectraMeccanica. Forward-looking statements speak only as of the date they are made, and ElectraMeccanica undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where it is expressly required to do so by law.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231004370860r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20231004370860\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20231004370860\/en\/<\/a><\/span><\/p>\n<p>\nElectraMeccanica Contact:<br \/>\n<br \/>John Franklin<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ir@emvauto.com\">ir@emvauto.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Arizona<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Automotive Automotive Manufacturing Other Automotive EV\/Electric Vehicles Manufacturing Alternative Vehicles\/Fuels<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>ElectraMeccanica Terminates Arrangement Agreement With Tevva MESA, Ariz.&#8211;(BUSINESS WIRE)&#8211; ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (\u201cElectraMeccanica\u201d), a designer and assembler of electric vehicles, today announced that it has terminated\u2014with immediate effect\u2014the previously-announced arrangement agreement with Tevva Motors Limited (\u201cTevva\u201d) as a result of multiple incurable breaches of the agreement by Tevva, including failures by Tevva to disclose to ElectraMeccanica material information about Tevva. The decision to terminate the agreement was made by a unanimous decision of ElectraMeccanica\u2019s Board of Directors based on additional information that came to light following execution of the arrangement agreement. Pursuant to a facility letter entered into between ElectraMeccanica and Tevva concurrent with the execution of the arrangement agreement, the principal amount lent under the secured facility, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/electrameccanica-terminates-arrangement-agreement-with-tevva\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ElectraMeccanica Terminates Arrangement Agreement With Tevva&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-788218","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ElectraMeccanica Terminates Arrangement Agreement With Tevva - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/electrameccanica-terminates-arrangement-agreement-with-tevva\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ElectraMeccanica Terminates Arrangement Agreement With Tevva - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ElectraMeccanica Terminates Arrangement Agreement With Tevva MESA, Ariz.&#8211;(BUSINESS WIRE)&#8211; ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (\u201cElectraMeccanica\u201d), a designer and assembler of electric vehicles, today announced that it has terminated\u2014with immediate effect\u2014the previously-announced arrangement agreement with Tevva Motors Limited (\u201cTevva\u201d) as a result of multiple incurable breaches of the agreement by Tevva, including failures by Tevva to disclose to ElectraMeccanica material information about Tevva. The decision to terminate the agreement was made by a unanimous decision of ElectraMeccanica\u2019s Board of Directors based on additional information that came to light following execution of the arrangement agreement. Pursuant to a facility letter entered into between ElectraMeccanica and Tevva concurrent with the execution of the arrangement agreement, the principal amount lent under the secured facility, &hellip; Continue reading &quot;ElectraMeccanica Terminates Arrangement Agreement With Tevva&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/electrameccanica-terminates-arrangement-agreement-with-tevva\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-04T22:10:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231004370860r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/electrameccanica-terminates-arrangement-agreement-with-tevva\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/electrameccanica-terminates-arrangement-agreement-with-tevva\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ElectraMeccanica Terminates Arrangement Agreement With Tevva\",\"datePublished\":\"2023-10-04T22:10:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/electrameccanica-terminates-arrangement-agreement-with-tevva\\\/\"},\"wordCount\":588,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/electrameccanica-terminates-arrangement-agreement-with-tevva\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20231004370860r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/electrameccanica-terminates-arrangement-agreement-with-tevva\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/electrameccanica-terminates-arrangement-agreement-with-tevva\\\/\",\"name\":\"ElectraMeccanica Terminates Arrangement Agreement With Tevva - 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(NASDAQ: SOLO) (\u201cElectraMeccanica\u201d), a designer and assembler of electric vehicles, today announced that it has terminated\u2014with immediate effect\u2014the previously-announced arrangement agreement with Tevva Motors Limited (\u201cTevva\u201d) as a result of multiple incurable breaches of the agreement by Tevva, including failures by Tevva to disclose to ElectraMeccanica material information about Tevva. The decision to terminate the agreement was made by a unanimous decision of ElectraMeccanica\u2019s Board of Directors based on additional information that came to light following execution of the arrangement agreement. 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