ElectraMeccanica has agreed to merge with U.K.-based electric truck manufacturer Tevva in a move that both companies say will boost their market share in the commercial electric truck industry.
At closing of the proposed deal, the combined company will operate as Tevva Inc. and trade on the Nasdaq exchange under the ticker symbol “TVVA.” The merger — subject to shareholder and regulatory approval — is expected to close in the fourth quarter of 2023.
Under the terms of the deal, Mesa-based ElectraMeccanica shareholders will own 23.5% of the combined company, with Tevva shareholders owning 76.5%.
