ElectraMeccanica Announces Filing and Mailing of the Joint Proxy Statement/Management Information Circular in Connection with its Special Meeting of Shareholders to Approve the Proposed Combination with Xos

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”) is pleased to announce that the joint proxy statement/management information circular (the “Joint Proxy Statement/Circular”) of ElectraMeccanica and Xos, Inc. (NASDAQ: XOS) (“Xos”) giving notice of a special meeting of ElectraMeccanica shareholders (the “ElectraMeccanica Meeting”) is now available on ElectraMeccanica’s website at www.emvauto.com, as well as under ElectraMeccanica’s profiles on EDGAR (https://www.sec.gov/) and on SEDAR+ (http://www.sedarplus.ca). ElectraMeccanica has commenced mailing to ElectraMeccanica’s shareholders of the Joint Proxy Statement/Circular and related materials for the ElectraMeccanica Meeting.

The Arrangement and ElectraMeccanica Meeting Details

At the ElectraMeccanica Meeting, ElectraMeccanica shareholders will be asked to consider, among other things, a special resolution approving an arrangement (the “Arrangement”) pursuant to which all of the issued and outstanding common shares of ElectraMeccanica will be acquired by Xos or its permitted assignee (the “ElectraMeccanica Arrangement Proposal”). Upon completion of the Arrangement, holders of common stock of Xos and ElectraMeccanica shareholders are expected to own approximately 79% and 21%, respectively, of Xos (the “Combined Company”), assuming the net cash of ElectraMeccanica as of the anticipated effective time of the Arrangement is greater than $46,500,000 and less than $50,500,000, subject to certain adjustments made in accordance with the arrangement agreement entered into between ElectraMeccanica and Xos, as more fully described in the Joint Proxy Statement/Circular.

The ElectraMeccanica Meeting will take place virtually via live audio webcast at www.virtualshareholdermeeting.com/SOLO2024SM on March 20, 2024 at 11 a.m. (Pacific time), subject to any adjournment or postponement thereof, with the ability for participation electronically as explained further in the Joint Proxy Statement/Circular. There will be no physical meeting for ElectraMeccanica shareholders to attend.

ElectraMeccanica Board Recommendation

The Board of Directors of ElectraMeccanica recommends that shareholders vote
IN FAVOR of the ElectraMeccanica Arrangement Proposal

Shareholders are encouraged to read the Joint Proxy Statement/Circular and vote their ElectraMeccanica shares as soon as possible. The deadline for voting shares is 11:00 a.m. (Pacific time) on March 18, 2024 or, if the meeting is adjourned or postponed, 48 hours (excluding non-business days) prior to the commencement of any successor meeting.