Published on 21 Aug 2023 on Zacks via Yahoo Finance
ElectraMeccanica (SOLO), Tevva to Merge in Green Vehicle Leap
The maker of three-wheeled electric vehicle (EV), ElectraMeccanica SOLO and electric truck startup Tevva have officially announced a merger agreement. This collaboration promises to reshape the trajectory of zero-emission commercial vehicles, with the primary focus on the United Kingdom, followed by Europe and the United States.
Transaction Highlights
ElectraMeccanica shareholders will own 23.5% and Tevva shareholders will hold 76.5% of the combined company. The combined company will be based in Delaware and is expected to be operated under the name Tevva, Inc., with the stock trading on the Nasdaq with the ticker symbol TVVA. Subject to necessary approvals, the merger is scheduled to be closed in the fourth quarter of 2023.