Tevva to merge with US firm to become ‘Tevva Inc’
By Bradley Osborne - 21st August 2023
Tevva truck
UK / USA – Tevva Motors Ltd of Tilbury, UK has announced plans for a merger with ElectraMeccanica Vehicles Corp – a manufacturer of battery electric three-wheelers based in Mesa, Arizona, USA – with the view of combining industrial assets on both sides of the Atlantic and scaling up electric vehicle production for the European and North American markets.
The proposed merger was broached by ElectraMeccanica. Following negotiations and a lengthy evaluation process, the proposal was formally recommended to the directors of both companies. The combined company will operate as ‘Tevva Inc’, domiciled in the American state of Delaware, and will trade its shares on the Nasdaq. According to the agreed terms of the transaction, Tevva shareholders will own 76.5% and ElectraMeccanica shareholders 23.5% of the combined company on a fully diluted basis.
