ElectraMeccanica amends Xos acquisition agreement, clarifies binding effect; articles amended for name change

the board of directors of ElectraMeccanica (the “Board”) adopted an amendment to ElectraMeccanica’s articles (as amended, the “Articles”), effective as of such date, such that a name change of ElectraMeccanica can be effectuated by ordinary resolution approved by ElectraMeccanica’s shareholders in accordance with its Articles in addition to the Board by resolution, which had been the previous means by which a name change could be effectuated.

Item 1.01. Entry into a Material Definitive Agreement. Amendment to Arrangement Agreement As previously disclosed, on January 11, 2024, ElectraMeccanica Vehicles Corp., a corporation existing under the laws of the Province of British Columbia ("ElectraMeccanica"), and Xos, Inc., a Delaware corporation ("Xos"), entered into an arrangement agreement (as amended, the "Arrangement Agreement"), pursuant to which Xos will acquire all of the issued and outstanding common shares of ElectraMeccanica pursuant to a plan of arrangement (the "Plan of Arrangement") under the Business Corporations Act (British Columbia). On January 31, 2024, ElectraMeccanica and Xos entered into an amendment agreement (the "Amendment Agreement") to the Arrangement Agreement in order to, among other things, make clear that after the Effective Time (as defined in the Plan of Arrangement), the Plan of Arrangement will be binding on ElectraMeccanica, shareholders of ElectraMeccanica (including Dissenting Shareholders (as