Xos Inc., a Los Angeles-based electric truck manufacturer, has entered into a definitive acquisition agreement with ElectraMeccanica Vehicles Corp. The acquisition will give Xos access to ElectraMeccanica’s estimated cash balance of $48.5 million and its issued and outstanding common shares upon closure of the deal. The transaction is expected to close in the first half of 2024, pending shareholder and regulatory approval. After the deal closes, ElectraMeccanica shareholders will own 21% of the combined company.

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