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MESA, Ariz., March 20, 2024 (GLOBE NEWSWIRE) — ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles, today announces the results of the special meeting of shareholders of ElectraMeccanica (the “Shareholders”) held virtually on Wednesday, March 20, 2024 (the “Meeting”), including the adoption of the Arrangement (as defined below) by the Shareholders.

ElectraMeccanica put forward the following proposals to be voted on by the Shareholders at the Meeting, all of which were approved: (i) to pass a special resolution approving a statutory arrangement (the “Arrangement”) under Division 5 of Part 9 of the Business Corporations Act (British Columbia), involving, among other things, the acquisition by Xos, Inc. (“Xos”) or its permitted assignee of all of the outstanding common shares (“Shares”) of the Company (the “ElectraMeccanica Arrangement Proposal”); (ii) to pass, on an advisory basis, an ordinary resolution approving the compensation that will or may become payable to ElectraMeccanica’s named executive officers that is based on or otherwise relates to the transactions contemplated by the Arrangement Agreement between ElectraMeccanica and Xos dated January 11, 2024, as it may be amended from time to time; (iii) to pass an ordinary resolution authorizing the Company to amend its notice of articles and articles to change its name to “ElectraMeccanica North America Corp.”; and (iv) to approve the adjournment of the Meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the Meeting to approve the ElectraMeccanica Arrangement Proposal.

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The ElectraMeccanica Arrangement Proposal was required to be approved by the affirmative vote of two-thirds of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting. A total of 16,559,479 votes, or approximately 86.2% of the votes cast at the Meeting by Shareholders, were cast in favour of the ElectraMeccanica Arrangement Proposal.

Closing of the Arrangement remains subject to certain customary closing conditions, including court approval.

On March 20, 2024, ElectraMeccanica filed a report of voting results on all proposals voted on at the Meeting on SEDAR+ at https://www.sedarplus.com.

About ElectraMeccanica

ElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of environmentally efficient electric vehicles intended to enhance the urban driving experience, including commuting, delivery and shared mobility.

ElectraMeccanica Contact:
John Franklin
ir@emvauto.com

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws and applicable Canadian securities laws. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. 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: the timing and completion of the Arrangement, including the satisfaction or waiver of all the required conditions thereto. These forward-looking statements are based upon the current beliefs and expectations of the management of ElectraMeccanica and are subject to known and unknown risks and uncertainties. Factors that could cause actual events to differ include, but are not limited to:

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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 or the combined company. 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 expressly required to do so by law.

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