Xos to acquire ElectraMeccanica in stock deal; Xos stockholders to own ~79%

Xos, Inc.

Xos will acquire all ElectraMeccanica shares; Xos stockholders own ~79%, ElectraMeccanica shareholders ~21% of combined company.
Termination fee of $6M payable by either party under specified conditions; deal must close by June 30, 2024.
Two to three ElectraMeccanica directors to join Xos board after closing.
Transaction subject to shareholder approvals, court order, Nasdaq listing of consideration shares, and customary conditions.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Xos, Inc. entered into Arrangement Agreement with ElectraMeccanica Vehicles Corp. (effective 2024-01-11).

Action: entry
Agreement: merger
Counterparty: ElectraMeccanica Vehicles Corp.
Effective: 2024-01-11

Exact text from the filing

On January 11, 2024, Xos, Inc., a Delaware corporation (“Xos”), and ElectraMeccanica Vehicles Corp., a corporation existing under the laws of the Province of British Columbia (“ElectraMeccanica”), entered into an arrangement agreement (the “Arrangement Agreement”), pursuant to which Xos will acquire all of the issued and outstanding common shares of ElectraMeccanica

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Xos, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-003084

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