Vicinity Motor applies for management cease trade oder

Vicinity Motor has requested a temporary Management Cease Trade Order from the British Columbia Securities Commission in connection with the Company’s filing of its interim financial statements and MD&A for the six months ended June 30, 2024. The Company is requesting the MCTO in order to secure additional time to finalize its Interim Financial Statements, the related MD&A and the applicable CEO and CFO certifications. The anticipated delay in filing the Interim Filings is a result of the news on August 9, 2024 that the Company’s secured creditors demanded payment of outstanding debt and issued a notice of intention to enforce security. The Company needs the additional time to appropriately reflect the subsequent events resulting from the current situation with the Company’s secured lenders. The Company is assessing options to complete preparation of the Interim Financial Statements and to respond to all queries. It is the Company’s reasonable expectation that the Interim Filings will be finalized on or before September 13, 2024. By way of background and as required by the BCSC, the Company notes the following: 1. The Company is required to file its Interim Filings within 45 days after the end the interim period ended June 30, 2024, such date being August 14, 2024 as required by National Instrument 51-102 Continuous Disclosure Obligations. The Company does not anticipate that it will be able to complete the Interim Filings on or before the Interim Filing Deadline. 2. The Company is working diligently to prepare and file the Interim Filings, on or before September 13, 2024. 3. The Company confirms that it intends to issue a status report on a bi-weekly basis, for as long as it remains in default of the Interim Filing Deadline in respect of the Interim Filings. 4. The Company is not subject to any insolvency proceedings as of the date of this news release, though the Company is presently evaluating all potential solutions available to it as a result of the demand from its creditors. 5. There is no other material information concerning the affairs of the Company that has not been generally disclosed.