Here's Why Vicinity Motor Shares Are Falling

Vicinity Motor Corp VEV shares are trading lower by 30.2% at $2.31 after the company announced a $12 million direct registered offering.

Vicinity Motor intends to use the proceeds for the completion of the company's Ferndale, Washington manufacturing facility. Vicinity Motor says the closing of the offering is expected to occur on or about March 28, 2022, subject to the satisfaction of customary closing conditions.

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Vicinity Motor is a Canadian bus manufacturer.

Vicinity Motor has a 52-week high of $8.32 and a 52-week low of $2.14.