MESA, AZ — A Los Angeles-based electric truck manufacturer has agreed to acquire ElectraMeccanica in an all-stock transaction, the two companies announced Jan. 11.
Xos Inc. (Nasdaq: XOS) entered a definitive acquisition agreement with ElectraMeccanica Vehicles Corp. (Nasdaq: SOLO), giving it access to the Mesa electric vehicle company’s estimated cash balance of $48.5 million, in addition to its issued and outstanding common shares upon closure of the deal.
"We believe leveraging ElectraMeccanica's assets will strengthen Xos' leadership position in the robust commercial truck market and allow Xos to scale profitable vehicle sales," Dakota Semler, CEO of Xos, said in a statement.
