Grande West Transportation Group Inc. (Grande West) will convene a shareholders meeting March 24 to seek approval for a consolidation of its share capital; the company will also change its name to Vicinity Motor Corp. to reflect the company's increasing focus on the commercialization of its next-generation electric buses.
The proposal to be presented to shareholders calls for up to every three shares of the company before consolidation to be consolidated into one share. The company currently has 86,507,263 shares outstanding and, accordingly, approximately 28,835,754 shares will be outstanding after the consolidation. The consolidation of the company's share capital is to meet near-term NASDAQ up listing requirements.
"We are thrilled to announce our name change to Vicinity Motor Corp. and our pursuit of a NASDAQ listing in 2021," said William Trainer, president and CEO of the Company. "We believe that a NASDAQ listing will enable us to improve liquidity, broaden our potential shareholder base to U.S. investors and best allow the company to achieve fair value in the capital markets. I look forward to continued operational and capital markets execution in the months ahead, positioning the company for what I believe will be a watershed year."
The share consolidation is subject to shareholder approval, and documentation in support being accepted for filing by the TSX Venture Exchange and the Registrar of Companies for the Province of British Columbia. The name change is also subject to regulatory approval.
