Announcement • Mar 13
The Nasdaq Stock Market to Delist the Common Stock of Vicinity Motor The Nasdaq Stock Market announced that it will delist the common stock of Vicinity Motor Corp. Vicinity Motor’s stock was suspended on October 31, 2024 and has not traded on Nasdaq since that time. Announcement • Feb 22
Vicinity Motor's Common Shares to be Delisted from TSX Venture Exchange as Result of Failure to Maintain Exchange Requirements Further to the TSX Venture Exchange Bulletin dated October 22, 2024, effective at the close of business on February 24, 2025, the common shares of the Vicinity Motor Corp. (the ‘Company’) will be delisted from TSX Venture Exchange as a result of the Company's failure to maintain Exchange Requirements. Prior to delisting, the shares of the Company were subject to suspension from trading. Announcement • Nov 01
Vicinity Motor Corp.(OTCPK:VEVM.Q) dropped from NASDAQ Composite Index Vicinity Motor Corp. has been dropped from the NASDAQ Composite Index . Announcement • Oct 31
Vicinity Motor Corp.(OTCPK:VEVM.Q) dropped from NASDAQ Transportation Index Vicinity Motor Corp dropped from the NASDAQ Transportion Index. Announcement • Oct 23
Vicinity Motor Receives Delisting Notice from Nasdaq Due to its Failure to Meet the Minimum Bid Price Requirement under Nasdaq Listing Rule 5550(a)(2) Vicinity Motor Corp. (‘Vicinity’ or the ‘Company’) announced that it has received a letter from the Nasdaq Listing Qualifications Department notifying the Company of its failure to meet the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The letter stated that as of October 21, 2024, the Company's stock had not regained compliance, as its shares continued to trade below $1. Additionally, the Company received a separate delisting determination based on its recent entry into receivership pursuant to the Order of the Supreme Court of British Columbia. In light of the receivership filing, Nasdaq has determined that delisting is also warranted under Listing Rules 5101, 5110(b), and IM-5101-1. The Company will not appeal the decision, and trading of its common shares will be suspended at the opening of business on October 31, 2024, with a Form 25-NSE filed with the Securities and Exchange Commission, removing Vicinity Motor Corp. from the Nasdaq Capital Market. New Risk • Aug 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$5.70m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (42% average weekly change). Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (US$5.70m market cap). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • Aug 01
Vicinity Motor Corp. to Report Q2, 2024 Results on Aug 14, 2024 Vicinity Motor Corp. announced that they will report Q2, 2024 results After-Market on Aug 14, 2024 New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 44% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (US$30.6m market cap). Announcement • Jul 12
Vicinity Motor Corp. Announces CARB Certification for VMC 1200 Class 3 Electric Truck Vicinity Motor Corp. announced that the VMC 1200 class 3 electric truck has received certification from the California Air Resources Board (CARB) as a zero-emission vehicle for the 2024 Model Year. CARB certification allows the sale of the VMC 1200 in California, as well as other states that have adopted CARB standards including Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Mexico, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia and Washington. With this certification, the VMC 1200 can now be sold in every U.S. state. In addition, CARB certification allows Vicinity to participate in California's HVIP incentive program, as well as comparable programs in other states, which provide incentives to reduce the purchase cost of commercial electric vehicles. In addition, the VMC 1200 now qualifies for various incentive programs - such as the HVIP program in California - which provide monetary vouchers to reduce the total cost for the purchaser. Announcement • Jun 13
Vicinity Motor Corp. Announces Chief Financial Officer Changes Vicinity Motor Corp. announced the appointment of Tina Stewart CPA, CA, a seasoned finance executive, as Chief Financial Officer, succeeding Dan Buckle. Tina Stewart is a respected finance executive with over 20 years of experience in a variety of industries including mining, telecommunications, container terminal operations, and renewable energy. She is skilled in all areas of finance including strategic business planning, public company reporting, treasury, capital allocation and finance transformation. Before joining Vicinity, Tina was VP of Finance, North America, for Drax Group, where she led a 60-person finance team to support the manufacturing of compressed wood pellets in North America. Previously she was VP, Finance for Global Container Terminals Inc., leading treasury, business planning and capital allocation functions across the company. She has also held senior finance positions at Rogers Communications and Barrick Gold Corporation. Tina is a designated Chartered Professional Accountant in Canada and has an Honours Bachelor of Arts, Specialist in Economics from the University of Toronto, Concurrently with Tina's appointment, prior CFO Dan Buckle elected to resign due to personal reasons. As Chief Financial Officer of Vicinity, Tina will provide financial leadership to assist in building on the Company's goal of delivering value to its shareholders by implementing short, medium and long-term planning, risk management, corporate strategic development, system implementation, regulatory compliance reporting, internal controls and tax advisory. Announcement • Jun 06
Vicinity Motor Corp. Appoints Jeff Madura as Senior Director of Sales Vicinity Motor Corp. announced the appointment of Jeff Madura, a veteran commercial vehicle sales executive, as Senior Director of Sales to lead the Company's sales activities throughout North America. Jeff Madura has over 29 years of experience in the transit bus industry as an experienced general manager of national teams focused on bus sales, business development, alternative fuels and zero emission vehicles, technical sales, and dealer sales. Prior to joining Vicinity, he was Director of Public Sector Sales for North America for Van Hool NV of Belgium, where he led strategic development of Van Hool's North American transit and motorcoach markets and directed the company's interest in alternative fuels and zero emission vehicles. Previously he led Master's Transportation municipal and government sales team as Director. He has also held sales and leadership positions with manufacturing OEM's and Tier 1 commercial suppliers. Reported Earnings • May 16
First quarter 2024 earnings released: US$0.081 loss per share (vs US$0.054 loss in 1Q 2023) First quarter 2024 results: US$0.081 loss per share (further deteriorated from US$0.054 loss in 1Q 2023). Revenue: US$13.2m (up 400% from 1Q 2023). Net loss: US$3.72m (loss widened 53% from 1Q 2023). Revenue is forecast to grow 80% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Announcement • May 09
Vicinity Motor Corp. to Report Q1, 2024 Results on May 14, 2024 Vicinity Motor Corp. announced that they will report Q1, 2024 results After-Market on May 14, 2024 Announcement • Apr 25
Vicinity Motor Receives Additional 180 Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule Vicinity Motor Corp. (‘Vicinity’ or the ‘Company’) announced that it received a letter from The Nasdaq Stock Market LLC (‘Nasdaq’), dated April 23, 2024, notifying the Company that Nasdaq has determined that the Company is eligible for an additional 180 calendar day period to regain compliance with Nasdaq's minimum USD 1.00 bid price per share requirement for continued listing on The Nasdaq Capital Market as set forth under Nasdaq Listing Rule 5550(a)(2) (the ‘Bid Price Requirement’), following the expiration on April 22, 2024 of the initial 180 calendar day period to regain compliance. As previously disclosed, the Company was initially notified by Nasdaq on October 24, 2023 that the Company was not in compliance with the Bid Price Requirement for a period of 30 consecutive business days, and Nasdaq granted the Company a period of 180 calendar days, or until April 22, 2024, to regain compliance with the Bid Price Requirement. As a result of the extension, the Company now has until October 21, 2024, to regain compliance with the Bid Price Requirement. To regain compliance, the Company's common shares must have a closing bid price of at least USD 1.00 per share for a minimum of 10 consecutive business days, at which point the matter will be closed. The receipt of the letter from Nasdaq has no immediate effect on the listing or trading of the Company's shares, which will continue to trade on The Nasdaq Capital Market under the symbol ‘VEV.’ The Company will monitor the closing price for its common shares during the extended compliance period and intends to take all reasonable measures available to regain compliance under the Bid Price Requirement and to maintain the listing of its common shares on The Nasdaq Capital Market. Announcement • Apr 19
Vicinity Motor Corp. Appoints Brent Phillips as President Vicinity Motor Corp. commenced its next phase of growth with the appointment of Brent Phillips as President. As President, Phillips will lead the sales, assembly, procurement, and engineering teams, while also clearly setting the direction and expansion of the company's sales and operations programs. To this end, the Company has commenced a strategic plan that, among other initiatives, will concentrate efforts on: Executing the plan to bring production of the Vicinity Lightning electric bus to Ferndale, WA; Enhancing the Company's existing VMC 1200 Dealer network across Canada to ensure fleets have access to Canada's only purpose built, fully-electric work truck, and that Dealers have the appropriate support for vehicle sales and service; and Initiating the launch strategy for a network of VMC 1200 Dealers across the U.S. Brent Phillips brings more than 30 years of experience in the commercial transportation field including previous leadership roles in distribution and manufacturing including operations, sales, and marketing. Prior to joining Vicinity in 2021, Phillips served as General Manager at Alliance Bus Group, a leading bus distributor. Before Alliance, Phillips was the Vice President of Sales, Commercial Bus Group at REV Group where he was responsible for multiple brands and distribution channels with two manufacturing facilities producing over 3,000 custom units per year. Additionally, Phillips has spent time with Velocity Vehicle Group as Vice President of Sales for the BusWest division. New Risk • Apr 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$27m free cash flow). Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$31.4m market cap). Reported Earnings • Apr 03
Full year 2023 earnings released: US$0.36 loss per share (vs US$0.45 loss in FY 2022) Full year 2023 results: US$0.36 loss per share (improved from US$0.45 loss in FY 2022). Revenue: US$19.1m (up 3.1% from FY 2022). Net loss: US$16.6m (loss narrowed 7.3% from FY 2022). Revenue is forecast to grow 76% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. Announcement • Mar 20
Vicinity Motor Corp. to Report Q4, 2023 Results on Mar 28, 2024 Vicinity Motor Corp. announced that they will report Q4, 2023 results After-Market on Mar 28, 2024 Reported Earnings • Nov 16
Third quarter 2023 earnings released: US$0.096 loss per share (vs US$0.19 loss in 3Q 2022) Third quarter 2023 results: US$0.096 loss per share (improved from US$0.19 loss in 3Q 2022). Revenue: US$6.49m (up 328% from 3Q 2022). Net loss: US$4.39m (loss narrowed 41% from 3Q 2022). Revenue is forecast to grow 170% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Announcement • Nov 08
Vicinity Motor Corp. to Report Q3, 2023 Results on Nov 13, 2023 Vicinity Motor Corp. announced that they will report Q3, 2023 results After-Market on Nov 13, 2023 Announcement • Oct 26
Vicinity Motor Corp. Receives NASDAQ Notification Letter Regarding Minimum Bid Price Deficiency Vicinity Motor Corp. announced that it has received a notification letter from the Nasdaq Stock Market LLC (the "NASDAQ") dated October 24, 2023, notifying the Company that due to its closing bid price being below USD 1.00 per share for 30 consecutive days, it is not in compliance with the minimum bid price requirement as set under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ. This press release is issued pursuant to NASDAQ Listing Rule 5810(b), which requires prompt disclosure upon the receipt of a deficiency notification. In accordance with the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until April 22, 2024, to regain compliance with NASDAQ Listing Rule 5550(a)(2). To regain compliance, the Company's shares must have a closing bid price of at least USD 1.00 for a minimum of 10 consecutive business days, at which point the matter will be closed. In the event that the Company does not regain compliance by April 22, 2024 the Company may be eligible for an additional 180-day period to regain compliance. The receipt of the Notification Letter has no immediate effect on the listing of the Company's shares, which will continue to trade uninterrupted on NASDAQ under the ticker "VEV". The Company will monitor the closing price for its common stock during the compliance period and intends to take all reasonable measures available to regain compliance under the NASDAQ Listing Rules and to maintain the listing of its common stock on the Nasdaq Capital Market. Announcement • Oct 07
Vicinity Motor Corp., Annual General Meeting, Dec 15, 2023 Vicinity Motor Corp., Annual General Meeting, Dec 15, 2023. Announcement • Aug 19
Vicinity Motor Corp. to Exhibit Electric Vehicle Lineup At the Fully Charged Live Event in Vancouver from September 8-10, 2023 Vicinity Motor Corp. announced that it will showcase the VMC 1200 Class 3 Electric Truck and Vicinity Lightning electric bus at the Fully Charged LIVE Canada event taking place September 8-10, 2023 at the Vancouver Convention Centre in Vancouver, Canada. Fully Charged - the world's number 1 home energy and electric vehicle channel - is bringing its Fully Charged LIVE event to Canada for the first time at the Vancouver Convention Centre in Vancouver, BC. The event will host quality exhibits and attractions to thousands of attendees. Founded and hosted by Robert Llewellyn (Red Dwarf, Scrapheap Challenge, Carpool), the Fully Charged LIVE event is not solely about Electric Cars, but Electric Vehicles of all shapes and sizes, as well as home energy solutions. Fully Charged LIVE. Date: September 8-10, 2023. Location: Vancouver Convention Centre, British Columbia, Canada. Vehicles on Display: VMC 1200 Class 3 Electric Truck, Vicinity Lightning Electric Bus. Reported Earnings • Aug 16
Second quarter 2023 earnings released: US$0.015 loss per share (vs US$0.10 loss in 2Q 2022) Second quarter 2023 results: US$0.015 loss per share (improved from US$0.10 loss in 2Q 2022). Revenue: US$4.82m (down 59% from 2Q 2022). Net loss: US$701.0k (loss narrowed 82% from 2Q 2022). Revenue is forecast to grow 151% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2023 earnings released: US$0.054 loss per share (vs US$0.082 loss in 1Q 2022) First quarter 2023 results: US$0.054 loss per share (improved from US$0.082 loss in 1Q 2022). Revenue: US$2.65m (down 17% from 1Q 2022). Net loss: US$2.44m (loss narrowed 16% from 1Q 2022). Revenue is forecast to grow 113% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • May 09
Vicinity Motor Corp. to Report Q1, 2023 Results on May 15, 2023 Vicinity Motor Corp. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on May 15, 2023 Reported Earnings • Apr 02
Full year 2022 earnings released: US$0.45 loss per share (vs US$0.24 loss in FY 2021) Full year 2022 results: US$0.45 loss per share (further deteriorated from US$0.24 loss in FY 2021). Revenue: US$18.5m (down 56% from FY 2021). Net loss: US$17.9m (loss widened 145% from FY 2021). Revenue is forecast to grow 93% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director James White was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director James White was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director James White was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 17
Second quarter 2022 earnings released: US$0.10 loss per share (vs US$0.012 loss in 2Q 2021) Second quarter 2022 results: US$0.10 loss per share (down from US$0.012 loss in 2Q 2021). Revenue: US$11.7m (down 24% from 2Q 2021). Net loss: US$3.79m (loss widened US$3.45m from 2Q 2021). Over the next year, revenue is forecast to grow 604%, compared to a 18% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2022 earnings released: US$0.082 loss per share (vs US$0.057 profit in 1Q 2021) First quarter 2022 results: US$0.082 loss per share (down from US$0.057 profit in 1Q 2021). Revenue: US$3.18m (down 85% from 1Q 2021). Net loss: US$2.89m (down 278% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 411%, compared to a 54% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • Apr 27
Price target decreased to US$3.00 Down from US$25.00, the current price target is provided by 1 analyst. New target price is 60% above last closing price of US$1.87. Stock is down 68% over the past year. The company posted a net loss per share of US$0.24 last year. Recent Insider Transactions • Apr 06
Independent Director recently bought US$183k worth of stock On the 4th of April, James White bought around 78k shares on-market at roughly US$2.35 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$686k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 31
Full year 2021 earnings released: US$0.24 loss per share (vs US$0.13 loss in FY 2020) Full year 2021 results: US$0.24 loss per share (down from US$0.13 loss in FY 2020). Revenue: US$41.7m (up 104% from FY 2020). Net loss: US$7.32m (loss widened 112% from FY 2020). Over the next year, revenue is forecast to grow 96%, compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jan 16
Independent Director recently bought US$68k worth of stock On the 13th of January, James White bought around 20k shares on-market at roughly US$3.42 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$388k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 17
Third quarter 2021 earnings released: CA$0.16 loss per share (vs CA$0.052 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: CA$2.92m (down 67% from 3Q 2020). Net loss: CA$4.80m (loss widened 266% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Recent Insider Transactions • Sep 16
Independent Director recently bought US$80k worth of stock On the 13th of September, James White bought around 18k shares on-market at roughly US$4.36 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$231k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 13
Second quarter 2021 earnings released: CA$0.013 loss per share (vs CA$0.031 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CA$19.1m (up 120% from 2Q 2020). Net loss: CA$388.0k (loss narrowed 51% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. 