Vicinity Motor Corp. Revises Repayment Plan to Enhance Liquidity

Vicinity Motor Corp., a supplier of commercial electric vehicles, announced an adjustment to their unsecured debenture repayment schedule on May 10, 2024. The amendment allows the company to defer CAD$5.8 million in repayments, originally scheduled for April and July 2024, until the maturity date on October 4, 2024. This strategic financial realignment supports the company's liquidity objectives as they continue to monetize inventory and manage a significant order backlog.

Brent Phillips, President of Vicinity Motor Corp., expressed gratitude toward debtholders for their cooperation that enables operational stability and the pursuit of enhanced financial discipline within the company. This deferment should assist the company in refining its operational activities without the immediate pressure of significant debt repayments.