Vancouver-based EV startup Electra Meccanica closes public offering

Vancouver-based EV startup Electra Meccanica has announced that it has closed its public offering of 2,353,000 shares.

The company went public last week to raise $10 million to fund two upcoming vehicles — the SOLO all-electric three-wheeler and the Tofino electric roadster.

In a press release, Electra Meccanica confirmed that net proceeds from the sale of these shares — which were priced at $4.25 each — amounted to $9.1 million.

These funds will go towards a manufacturing plant and equipment, production molds, sales and marketing and inventory associated its vehicles. Initial deliveries of the SOLO, which is priced at $15,500, are expected to take place in the fall of 2018.

Source: Electra Meccanica