Xos to acquire ElectraMeccanica in all-stock deal; ElectraMeccanica shareholders to own ~21%

Xos, Inc.

Expected closing in H1 2024; ElectraMeccanica cash balance ~$48.5M at closing.
Xos delivered record 110 units in Q4 2023 (90% YoY growth); ~12% GAAP gross margin in Q3 2023.
Combined board: nine directors, six from Xos (including co-founders) and three from ElectraMeccanica.
All-stock transaction; ElectraMeccanica shareholders receive Xos shares representing ~21% of pro forma company.
Transaction unanimously approved by both boards; subject to shareholder and court approvals.

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