ElectraMeccanica (NASDAQ:SOLO) Vehicles Corp said its strategic contract manufacturing partner in China has exercised warrants, generating C$5.6 million in proceeds.
The company said the partner, Zongshen Industrial Group exercised 1.4 million warrants at a C$4 strike price as of October 28, 2021.
“We are pleased to have received these proceeds from the warrant exercise – serving as validation of all that we do at ElectraMeccanica,” said ElectraMeccanica CEO Kevin Pavlov in a statement.
“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,” he added.
READ: ElectraMeccanica begins first customer deliveries of its flagship SOLO EV
Zongshen Chairman Zuo Zongshen commented: “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.”
A year ago, ElectraMeccanica and Zongshen started production of the SOLO EV - an all-electric, single-seat, three-wheeled vehicle that is revolutionizing the urban driving experience.
In October 2021, ElectraMeccanica began initial deliveries to early consumer reservation holders and the first fleet customers, including Skechers, Faction Technology, Cyber Yogurt, and a popular Southern California Ruby’s Diner franchisee.
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