Tevva and ElectraMeccanica propose cross-border merger to create a market leader in zero-emission commercial vehicles to be listed on NASDAQ

2 minute read
15 August 2023

On August 15, 2023, Tevva, a UK-based pioneer in electric medium- and heavy-duty commercial vehicles, and ElectraMeccanica (NASDAQ: SOLO), a US-based designer and assembler of electric vehicles, announced that they had entered into a definitive arrangement agreement to merge the companies and list the Delaware-domiciled resulting issuer on the Nasdaq exchange.

The proposed transaction will be completed, subject to the agreement, by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia), whereby a newly formed British Columbia corporation ("Tevva, Inc."), created to manage and hold the combined business of ElectraMeccanica and Tevva, will, directly and indirectly, acquire all of the issued and outstanding equity securities of ElectraMeccanica and Tevva.

Gowling WLG is Canadian and UK counsel to Tevva in connection with the transaction with an experienced corporate, securities and cross-border transaction team co-led by Peter Simeon and Sharagim Habibi. Members of the Canadian team include Andrew Avis and Ashley Andaya (securities/corporate/M&A), Laura Gheorghiu and Malya Amghar (tax), Alison Gray (litigation) and Ian Macdonald (competition). The UK team includes Ragi Singh (corporate/M&A), Lee Nuttall (tax), Amar Adatia and Jessica Waldron (corporate), Angela Rawlins (banking and finance) and Sam Beighton and James Stunt (EU, trade and competition).

Harry Hatchwell, Strategic Advisor to the CEO of Tevva, has commented on working with the Gowling WLG team:

"Fast moving, complex transactions need an advisor you can trust. We found just that in Gowling WLG when preparing our UK Electric Vehicle business with a diverse international shareholder base for a Canadian court led merger process ahead of a US listing on Nasdaq. The Gowling WLG team filled us with confidence that they had the relevant expertise, were across the detail, commercially orientated and possessed impressive negotiation skills. No doubt our Most Valuable Player (MVP) in the process."

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