Uplisting.com Client Successfully Uplists to NASDAQ & Completes $10 Million Registered Offering
On August 8, 2018, Uplisting.com client, ElectraMeccanica Vehicles Corporation (“ElectraMeccanica”), finalized its Uplisting to the NASDAQ Capital Markets. Its common stock and warrants began trading on the exchange on August 9, 2018, under the symbols SOLO and SOLOW, respectively.
Simultaneous with the Uplisting to NASDAQ, the Company priced an underwritten public offering of 2,353,000 units, each unit consisting of one share of common stock and two warrants each to purchase one share of common stock which closed on August 12, 2018. The aggregate gross proceeds to ElectraMeccanica from the closing of the public offering was approximately $10,000,000, prior to deducting underwriting discounts, commissions and other estimated offering expenses. The Benchmark Company and Think Equity acted as joint book-running manager for the offering and Cuttone & Co., LLC acted as a co-manager for the offering.
ElectraMeccanica is a designer and manufacturer of electric vehicles. The company’s initial product line targets urban residents seeking to commute in an efficient, cost-effective and environmentally friendly manner. Their first flagship EV is the SOLO, a single person car, of which they have built 30 pre-mass production vehicles. They have used some of these pre-mass production vehicles as prototypes and for certification purposes, have delivered some to customers and have used others as test drive models in their showroom. They believe their schedule to mass produce EVs over the near term, combined with their 50-year history of automotive design, manufacturing, and deliveries of motor vehicles to customers significantly differentiates them from other early and development stage EV companies.
ElectraMeccanica provides an example of an OTC company that was able to Uplist to a higher exchange. Uplisting.com worked hand in hand with the management of ElectraMeccanica and its bankers and other professionals in the process of Uplisting to NASDAQ and believes this company can inspire other companies to move forward with the Uplisting process.
Todd Heinzl, Managing Director of Uplisting.com said, “We are confident that ElectraMeccanica will be a valued addition to NASDAQ Capital Markets and UpListing.com is pleased that we were able to assist with this uplist process. We wish them success as a NASDAQ Capital Markets issuer.”
Heinzl is also a regular PubCoCEO.com contributor and author of our Uplisting Series in which he describes the process and benefits of Uplisting from the OTC Markets to a Senior Exchange. You can view each part of the Uplisting Series via the links below.