Xos, Inc. entered into a definitive arrangement agreement to acquire Electrameccanica Vehicles Corp. on January 11, 2024. Xos will acquire all of the issued and outstanding common shares of... Xos, Inc. (NasdaqCM:XOS) entered into a definitive arrangement agreement to acquire Electrameccanica Vehicles Corp. (NasdaqCM:SOLO) on January 11, 2024. Xos will acquire all of the issued and outstanding common shares of ElectraMeccanica in an all-stock transaction. Following the close of the transaction, ElectraMeccanica?s shareholders will own approximately 21.0% of Xos, subject to certain adjustments. The board of directors of the combined company will consist of nine directors, comprising six directors designated by Xos, including Xos co-founders Dakota Semler and Giordano Sordoni (who also serves as Xos? Chief Operating Officer), and three directors designated by ElectraMeccanica. The management team of Xos will continue to manage the business of the combined company following the completion of the transaction. The transaction is subject to required approvals of Xos? stockholders and ElectraMeccanica?s shareholders, court approval of the transaction, certain third-party approvals and other customary closing conditions. The members of the boards of directors of both companies unanimously approved the proposed transaction. The transaction is expected to close in the first half of 2024. Greenhill & Co. Canada Ltd. is serving as financial advisor to ElectraMeccanica and also provided a fairness opinion to the ElectraMeccanica Board in connection with the proposed transaction. Snell & Wilmer L.L.P. and McCarthy Tétrault LLP are serving as legal counsel to ElectraMeccanica in connection with the proposed transaction. Houlihan Lokey is serving as financial advisor to Xos. Cooley LLP and Osler, Hoskin & Harcourt LLP are serving as legal counsel to Xos in connection with the proposed transaction.
