Vicinity Motor Shares Plunge After Raising $17M Via Equity Offering

by Shivani Kumaresan, Benzinga Staff Writer

October 21, 2021 2:11 PM | 1 min read | Make a Comment

Vicinity Motor Corp VEV reported a public offering of 3.99 million units at $4.26 per Unit. Each Unit consists of one common share and one-half of one Common Share purchase warrant.
The company expects gross proceeds from the offering to be about $17 million.
Each Warrant will entitle the holder to purchase one common share at an exercise price of $5.10.
Vicinity Motor intends to use the net proceeds from the offering for the $12 million portions of the license fee payable to Optimal-EV and general corporate purposes.
The offering is expected to close on or about October 25, 2021.
Spartan Capital Securities, LLC is acting as the sole book-running manager for the offering.
Price Action: VEV shares are trading lower by 16.6% at $4.18 on the last check Thursday.