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Benzinga
Benzinga
Business
Shivani Kumaresan

Vicinity Motor Shares Nosedive After $12M Equity Offering

VEV Nasdaq Vicinity Motor Corp
  • Vicinity Motor Corp (NASDAQ:VEV) has entered into definitive agreements with new and existing institutional and accredited investors for the purchase and sale of 4.44 million shares and warrants to buy 4.44 million shares.
  • Each unit is priced at $2.70 per unit. The gross proceeds of the offering are expected to be $12 million.
  • The warrants will be exercisable six months from the closing of the offering at an exercise price of $3.36 per common share.
  • The closing of the offering is expected to occur on or about March 28, 2022.
  • Price Action: VEV shares are trading lower by 29.8% at $2.36 on the last check Thursday.
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