8-K
filed March 26, 2024, 7:59 PM ET
ticker XOS
CIK 0001819493
M&A
confidence high
sentiment positive
materiality 0.85
Xos, Inc. (XOS): M&A transaction — Xos closes all-stock acquisition of ElectraMeccanica; adds ~$48M cash, 21% dilution
Xos, Inc.
- Transaction closed March 26, 2024; ElectraMeccanica shareholders received 0.0143739 Xos shares per SOLO share.
- ~$48M added to Xos balance sheet; CEO cites pathway to free-cash-flow positive within several quarters.
- Three new directors from ElectraMeccanica appointed: Luisa Ingargiola, Dietmar Ostermann, Michael Richardson; Burt Jordan left.
- Former SOLO shareholders own ~21% of Xos; SOLO delisted from Nasdaq as of ~March 26.
- Xos delivered record 110 units in Q4 2023 to FedEx, UPS, Loomis, Canada Post, UniFirst, Penske.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Luisa Ingargiola was appointed as Director at Xos, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Xos board increased the number of directors on the Xos board from seven (7) to nine (9) and appointed three (3) of the ElectraMeccanica board members to the Xos board including each of (i) Luisa Ingargiola, (ii) Dietmar Ostermann and (iii) Michael Richardson.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Richardson was appointed as Director at Xos, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Xos board increased the number of directors on the Xos board from seven (7) to nine (9) and appointed three (3) of the ElectraMeccanica board members to the Xos board including each of (i) Luisa Ingargiola, (ii) Dietmar Ostermann and (iii) Michael Richardson.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Burt Jordan departed as Director at Xos, Inc..
- Action
- ceased serving
- Role
- Director
Exact text from the filing
As of the Effective Time, Burt Jordan ceased serving as a member of the board of the directors of the Company and each committee thereof.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Dietmar Ostermann was appointed as Director at Xos, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Xos board increased the number of directors on the Xos board from seven (7) to nine (9) and appointed three (3) of the ElectraMeccanica board members to the Xos board including each of (i) Luisa Ingargiola, (ii) Dietmar Ostermann and (iii) Michael Richardson.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Xos, Inc. completed an acquisition involving ElectraMeccanica Vehicles Corp. (closed 2024-03-26).
- Action
- acquisition
- Counterparty
- ElectraMeccanica Vehicles Corp.
- Closing
- 2024-03-26
Exact text from the filing
The Arrangement was consummated on March 26, 2024 (the “Closing Date”).
View on SEC.gov
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