ElectraMeccanica Vehicles Corp. Reports Results of Special Meeting of Shareholders

MESA, Ariz., March 20, 2024 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles, today announces the results of the special meeting of shareholders of ElectraMeccanica (the “Shareholders”) held virtually on Wednesday, March 20, 2024 (the “Meeting”), including the adoption of the Arrangement (as defined below) by the Shareholders.

ElectraMeccanica put forward the following proposals to be voted on by the Shareholders at the Meeting, all of which were approved: (i) to pass a special resolution approving a statutory arrangement (the “Arrangement”) under Division 5 of Part 9 of the Business Corporations Act (British Columbia), involving, among other things, the acquisition by Xos, Inc. (“Xos”) or its permitted assignee of all of the outstanding common shares (“Shares”) of the Company (the “ElectraMeccanica Arrangement Proposal”); (ii) to pass, on an advisory basis, an ordinary resolution approving the compensation that will or may become payable to ElectraMeccanica’s named executive officers that is based on or otherwise relates to the transactions contemplated by the Arrangement Agreement between ElectraMeccanica and Xos dated January 11, 2024, as it may be amended from time to time; (iii) to pass an ordinary resolution authorizing the Company to amend its notice of articles and articles to change its name to “ElectraMeccanica North America Corp.”; and (iv) to approve the adjournment of the Meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the Meeting to approve the ElectraMeccanica Arrangement Proposal.

The ElectraMeccanica Arrangement Proposal was required to be approved by the affirmative vote of two-thirds of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting. A total of 16,559,479 votes, or approximately 86.2% of the votes cast at the Meeting by Shareholders, were cast in favour of the ElectraMeccanica Arrangement Proposal.

Closing of the Arrangement remains subject to certain customary closing conditions, including court approval.

On March 20, 2024, ElectraMeccanica filed a report of voting results on all proposals voted on at the Meeting on SEDAR+ at http://www.sedarplus.com.

About ElectraMeccanica

ElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of environmentally efficient electric vehicles intended to enhance the urban driving experience, including commuting, delivery and shared mobility.