Benzinga | Nov 1, 2021 08:32AM EDT

ElectraMeccanica Reports Strategic Partnership With Zongshen Industrial Group; Zongshen Exercised 1.4M Warrants At C$4/Share Strike Price, Generated C$5.6M In Proceeds To Co.

Company Received Approximately CAD$5.6 Million in Proceeds As A Result of Warrant Exercise

VANCOUVER, British Columbia, Nov. 01, 2021 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles, today announced that the Company's strategic contract manufacturing partner, Zongshen Industrial Group, has exercised 1.4 million warrants at a CAD$4.00 strike price, as of October 28, 2021, generating CAD$5.6 million in proceeds to the Company.

"We are pleased to have received these proceeds from the warrant exercise -- serving as validation of all that we do at ElectraMeccanica," said Kevin Pavlov, CEO of ElectraMeccanica. "I look forward to continuing our operational execution in the months and years ahead as we strive to revolutionize transportation and create sustainable, long-term value for all of our shareholders."

"We strongly believe in ElectraMeccanica's mission and the groundbreaking SOLO EV, with this warrant exercise is a clear testament to our confidence in the Company's future and the value we place on our mutual relationship," said Zongshen Industrial Group Chairman Zuo.