Form 8-K - Current report
06 Noviembre 2023 - 5:03AM
Edgar (US Regulatory)
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0001637736
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2023-11-03
2023-11-03
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported): November 3, 2023
ELECTRAMECCANICA
VEHICLES CORP.
(Exact name of registrant as specified in its charter)
British Columbia, Canada |
001-38612 |
98-1485035 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
6060
Silver Drive
Third
Floor
Burnaby,
British
Columbia, Canada |
|
V5H 0H5 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (604)
428-7656
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ¨ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common
Shares, no par value |
SOLO |
The
Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
As previously reported, on October 4, 2023, ElectraMeccanica Vehicles
Corp., a company existing under the laws of the Province of British Columbia (“ElectraMeccanica”), notified Tevva Motors Limited,
a company registered in England and Wales (“Tevva”), of the termination of that certain arrangement agreement (the “Arrangement
Agreement”), dated August 14, 2023, by and among ElectraMeccanica, Tevva, 432952 B.C. Ltd., a company existing under the laws of
the Province of British Columbia (“Holdco”), and 1432957 B.C. Ltd., a company existing under the laws of the Province of British
Columbia (“Parentco”), pursuant to which ElectraMeccanica and Tevva were to combine by way of a statutory plan of arrangement
under the Business Corporations Act (British Columbia) (the “Arrangement”).
On November 3, 2023, Tevva filed a complaint
(the “Complaint”) in the United States District Court for the District of Arizona against ElectraMeccanica, Holdco, Parentco
and Susan E. Docherty, ElectraMeccanica’s Chief Executive Officer and Interim Chief Operating
Officer. The Complaint alleges breach of contract, defamation and tortious interference by
the defendants, as applicable, in connection with the Arrangement Agreement and the transactions contemplated therein. The Complaint
seeks actual damages of $75 million, unspecified punitive damages and attorneys’ fees and
costs. Additionally, the Complaint seeks preliminary and permanent injunctive relief (i)
preliminarily prohibiting ElectraMeccanica from completing a merger with any other merger
partner pending resolution of the Complaint; (ii) preventing ElectraMeccanica from
dissipating its cash reserves through dividend or otherwise; (iii) requiring ElectraMeccanica to
complete the Arrangement with Tevva; and (iv) otherwise requiring effectuation of the Arrangement.
ElectraMeccanica and
the other defendants believe that Tevva’s allegations are without merit and intend to vigorously defend their position to the fullest
extent permitted by law. ElectraMeccanica also intends to pursue its own legal rights and remedies against Tevva.
Cautionary
Note Regarding Forward-Looking Statements
This
this Current Report on Form 8-K includes “forward-looking statements” within the meaning of U.S. federal securities laws and
applicable Canadian securities laws. Forward-looking statements may be identified by words or expressions such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “estimates,” “may,”
“will,” “projects,” “could,” “should,” “would,” “seek,” “forecast,”
or other similar expressions. Forward-looking statements represent current judgments about possible future events, including, but not
limited to, statements regarding ElectraMeccanica’s and the other defendants’ intent to vigorously defend their position to
the fullest extent permitted by law, as well as ElectraMeccanica intent to pursue its own legal rights and remedies against Tevva. Forward-looking
statements are based on the current beliefs or expectations of ElectraMeccanica’s management and are inherently subject to a number
of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond ElectraMeccanica’s
control. Accordingly, actual results may differ materially from those expressed or implied in the forward-looking statements due to risks
and uncertainties including, but not limited to, whether ElectraMeccanica will be successful in its defense against the allegations under
the Complaint or in any future legal proceedings against Tevva. Additional factors that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements can be found in ElectraMeccanica’s filings with the Securities
and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022,
its Quarterly Reports on Form 10-Q filed with the SEC during 2023, as well as in its subsequent filings with the SEC. Accordingly, readers
are cautioned not to place undue reliance on forward-looking statements. It is uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and
financial condition of ElectraMeccanica. Forward-looking statements speak only as of the date they are made, and ElectraMeccanica undertakes
no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events,
or other factors that affect the subject of these statements, except where it is expressly required to do so by law.
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 hereunto duly authorized.
Date: November 6, 2023 |
ELECTRAMECCANICA VEHICLES CORP. |
|
|
|
By: |
/s/ Michael Bridge |
|
|
Michael Bridge |
|
|
General Counsel and Corporate Secretary |
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Document Period End Date |
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Entity File Number |
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|
Entity Registrant Name |
ELECTRAMECCANICA
VEHICLES CORP.
|
Entity Central Index Key |
0001637736
|
Entity Tax Identification Number |
98-1485035
|
Entity Incorporation, State or Country Code |
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|
Entity Address, Address Line One |
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Silver Drive
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Entity Address, Address Line Two |
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Entity Address, City or Town |
Burnaby
|
Entity Address, State or Province |
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Entity Address, Country |
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Shares, no par value
|
Trading Symbol |
SOLO
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