UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 6-K
___________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: August 2024
Commission File Number: 001-40412
___________________________
VICINITY MOTOR CORP.
(Translation
of registrant’s name into English)
___________________________
3168, 262nd Street
Aldergrove, British Columbia, Canada V4W 2Z6
Telephone: (604) 607-4000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
The information
contained in Exhibit 99.1 of this Form 6-K is
incorporated by reference into, or as an additional exhibit to, as applicable, the registrant’s Registration Statement on
Form F-3 (File No. 333-272964).
DOCUMENTS INCLUDED AS PART OF THIS REPORT
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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Vicinity Motor Corp. (Registrant) |
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Date: August 21, 2024 |
By: |
/s/ Tina Stewart |
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Name: |
Tina Stewart |
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Title: |
Chief Financial Officer |
EXHIBIT 99.1
Vicinity Motor Corp. Enters into Workout Agreement
to Develop a Restructuring Plan with Creditors
Vicinity Seeks to Forge Clear Path Forward in Ongoing
Discussions with Creditors
VANCOUVER,
BC - August 21, 2024 - Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) (“Vicinity”
or the “Company”),
a North American supplier of commercial buses and electric vehicles, today announced it has reached an agreement with its secured
lenders to execute a workout and financial restructuring plan to address the previously announced demands from Royal Bank of Canada and
Export Development Canada (the “Secured Lenders”) in respect of outstanding credit facilities to progress towards financial
stability for the Company.
Vicinity and the Secured Lenders have agreed to the
terms of the workout for the next 60 days, discussing with the Secured Lenders its revenues, debt structures, and initiatives to reorganize.
During this period, the Company will return to limited operations and the Secured Lenders will retain all rights previously asserted.
Prior to the conclusion of the workout period, Vicinity expects to have entered into a restructuring plan that may include agreements
for payment and creditor rights and protections.
During this period Vicinity will work to preserve
the value of its assets, execute in process deliveries, and facilitate technical and parts support programs. The Company will continue
to work closely with vendors, customers, and partners during this period as it endeavors to return to normal full operations within the
60-day period.
“We are pleased to announce this support from
our creditor partners and the opportunity to further the important role Vicinity plays in the passenger transportation industry and as
a leader in Class 3 commercial EV truck manufacturing,” said Brent Phillips, President of Vicinity Motor Corp. “Our strong
backlog of fuel neutral bus orders, including clean diesel and electric buses, provides a solid foundation for this workout plan. The
market opportunity for Vicinity buses and industry metrics support accelerated development of our energy efficient transit bus product
line while the Class 3 commercial truck market continues to develop.”
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) (“VMC”)
is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network
and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses,
as well as the VMC 1200 electric truck to the transit and industrial markets. For more information, please visit www.vicinitymotorcorp.com.
Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com
Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us
Neither the TSX-V nor its Regulation Service Provider
(as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain “forward-looking
information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning
of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”,
“believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions,
or statements that events, conditions, or results “will”, “may”, “could”, or “should”
occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results
to differ materially from Vicinity’s expectations include uncertainties relating to the outcome of workout and financial restructuring
plans with its Secured Lenders, uncertainties related to economic conditions in the markets in which Vicinity operates, vehicle sales
volume, anticipated future sales growth, the success of Vicinity’s operational strategies, production prospects at Vicinity’s
assembly facility in the State of Washington, the success of Vicinity’s strategic partnerships; and other risk and uncertainties
disclosed in Vicinity’s reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity’s
forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation
to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by
law.
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