Canadian EV startup Electra Meccanica goes public to raise $10M
Canada-based electric vehicle startup Electra Meccanica went public this week, in order to raise an amount of $10 million for the launch of its two electric vehicles (EVs) -- the SOLO all-electric three-wheeler, and the Tofino electric roadster.
As a result of its move to go public, Electra Meccanica is offering 2,353,000 shares, and is trading under ‘SOLO’ ticker on the NASDAQ.
With regard to its decision to go public, Electra Meccanica -- which has $5 million in cash, but is facing quarterly losses of $2 million -- said that the amount it raises as a result of the move would be used for commencing the mass production of its SOLO electric three-wheeler by the end of 2018.
The first few units of the $15,500-priced SOLO, which has a range of 100 miles, were delivered by Electra Meccanica in Canada and the US earlier in 2018, but the startup now plans to increase the production of the electric three-wheeler to 75,000 units by the year 2020.
Revealing that the net proceeds from its offering will be used for “plant and equipment, production molds, sales and marketing and inventory associated with the mass production of its SOLO electric vehicle by Zongshen Industrial Group Co. Ltd.,” Electra Meccanica said that it is hopeful of commencing the initial deliveries of the electric three-wheeler “in the fall of 2018.”
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