Xos and ElectraMeccanica agree to business combination
By Bradley Osborne - 1st February 2024
Xos EV stepvan
USA – Xos Inc, a startup electric truck manufacturer based in Los Angeles, California, has announced a merger with ElectraMeccanica Vehicles Corp – an erstwhile manufacturer of electric three-wheelers based in Mesa, Arizona – which is intended to strengthen the company’s balance sheet and provide capital to grow its business.
The directors of Xos and ElectraMeccanica have agreed to an all-stock transaction, whereby Xos will acquire all of the issued and outstanding common shares of ElectraMeccanica. In turn, ElectraMeccanica’s shareholders will own approximately 21% of Xos. ElectraMeccanica’s cash balance currently stands at USD48.5m, capital which Xos intends to use in order to scale its business.
