VEV - Vicinity Motor to extend maturity date on CAD$10M debenture by a year

Vicinity Motor (NASDAQ:VEV) extends the maturity date of its 8% unsecured debenture in the principal amount of CAD$10.3M by one year to a new maturity date of October 4, 2023 at an exercise price of $2.25/common share. The new warrants will bear a four month and one day restricted period from the date of issuance. The warrant certificate for 412,000 warrants dated October 4, 2021 will be cancelled upon issuance of the new warrants. "We are pleased to have extended the maturity date on our 8% unsecured debentures, providing us with additional capital structure optionality as we execute upon our significant order backlog, which currently stands at over $90 million," said William Trainer, Founder and CEO.

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Vicinity Motor to extend maturity date on CAD$10M debenture by a year