VEV - Vicinity Motor - Downgrading To 'Sell' After Lowered Guidance

• Company reported weak first quarter results and also lowered full-year guidance substantially.
• In contrast to management's previous expectations, the company will be materially affected by ongoing supply chain disruptions.
• Cash position appears insufficient to deal with capex requirements, near-term debt maturities, and the expected production ramp-up for the remainder of the year.
• Reiterating my expectations for the company being required to raise additional capital over the course of the year.
• With very little confidence in management's ability to execute and a high likelihood of additional dilution in the not-too-distant future, I am downgrading shares from "hold" to "sell".

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