WeTheMarket
9 months ago
Xos, Inc. Accelerates Growth with Strategic Acquisition of ElectraMeccanica
March 26 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93550980/xos-inc-accelerates-growth-with-strategic-acquis
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet electrification services provider, today announced that it has closed its acquisition of ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles. Terms of the acquisition were first announced on January 11, 2024.
The all-stock transaction is expected to add approximately $48 million to Xos’ balance sheet and provide growth capital for the company.
“The growth capital received in the transaction, combined with our reduction of cash burn, provides an important pathway to profitability as we scale deliveries over the next several quarters,” said Dakota Semler, CEO and Co-Founder of Xos, Inc. “Xos is gross margin positive and has now charted our course to being free cash flow positive.”
Xos delivered a company record 110 units to fleet customers in the fourth quarter of 2023. The company’s customers in 2023 included FedEx Ground, UPS, Loomis, Canada Post, UniFirst, and Penske, showcasing strong demand for its electric commercial vehicles. With the addition of ElectraMeccanica's cash balance, Xos is well-positioned to continue its growth and meet the increasing demand for zero-emission commercial vehicles.
"We are confident that this acquisition will further strengthen Xos' commitment to operational excellence, customer-focused vehicles, and efficient capital deployment," said Giordano Sordoni, COO and Co-Founder of Xos, Inc.
The consideration received by ElectraMeccanica shareholders pursuant to the acquisition (the “Arrangement”) was 0.0143739 shares of Xos common stock for each common share of ElectraMeccanica held immediately prior to the consummation of the Arrangement. As a result, following the close of the Arrangement, former shareholders of ElectraMeccanica own approximately 21.0% of Xos.
With the completion of the Arrangement, the common shares of ElectraMeccanica will be delisted from Nasdaq on or about March 26, 2024. Xos will also cause ElectraMeccanica to surrender its reporting issuer status in British Columbia.
Required Early Warning Report Information
Following completion of the Arrangement, Xos has beneficial ownership and control over 100% of the issued and outstanding common shares of ElectraMeccanica. Prior to the Arrangement, Xos held no common shares of ElectraMeccanica.
This press release is being issued, in part, pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under ElectraMeccanica’s profile on SEDAR+ (www.sedarplus.ca) containing additional information respecting the foregoing matters. You may also contact Michael Lukas at (818) 316-1890 to obtain a copy of the report.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
WeTheMarket
9 months ago
Xos, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Release Date and Conference Call
March 14 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93492185/xos-inc-announces-fourth-quarter-and-full-year-2
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet services provider, announced it will release its fourth quarter and full year 2023 operating results on Thursday, March 21, 2024 after the close of the U.S. financial markets.
Management will host a conference call to discuss these financial results at 4:30 p.m. Eastern Daylight Time / 1:30 p.m. Pacific Daylight Time that same day.
Conference Call and Webcast Details
Date / Time: Thursday, March 21, 2024, at 4:30 p.m. EDT / 1:30 p.m. PDT
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1655220&tp_key=d4e9555402
U.S. Toll-Free Dial In: 1-833-816-1411
International Dial In: 1-412-317-0507
Conference ID: 10186286
To access the call, please dial in approximately ten minutes before the start of the call.
For those unable to participate in the live call, an audio replay will be available following the call through midnight Thursday, April 4, 2024. To access the replay, please call 1-844-512-2921 or 1-412-317-6671 (International) and enter access code 10186286. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please https://www.xostrucks.com/.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
WeTheMarket
9 months ago
Govprs, I'm glad I don't have to make that decision, as I'm not invested in SOLO, and never was. As XOS reaches $12, and SOLO reaches $0.18, it no longer makes sense for SOLO shareholders to sell and buy XOS, as the approval of the merger is not a certainty. Thus, if I were a SOLO shareholder, I would probably do nothing right now..
WeTheMarket
9 months ago
Govprs, on February 22, I posted here the following two posts (see Post #1 and Post #2 below) I had originally posted on the Stocktwits board. The XOS share price has nearly doubled since then, closing today at $13.57, while SOLO closed at $0.2369. A SOLO shareholder who posts on Stocktwits told me that he followed my advice from Post #2 (reproduced below), and must be very happy today.
The XOS share price closed today even higher than my $12 estimate, because I used a very conservative valuation for the two combined companies of only 100 million in my calculations. The higher the XOS share price goes prior to the merger, the more likely that the merger is approved by both XOS and SOLO shareholders. If XOS stays at today's closing share price of $13.57, the SOLO share would be worth $13.57x0.0145(the exchange rate)=$0.20, which is not too far from SOLO closing share price today.
This is just the beginning in my opinion. Following the merger, if approved, XOS share price will go much higher, this is why SOLO management is proposing voting in favor of the merger, and rightly do, in my opinion.
Post #1
Following are my calculations. Note that my SOLO exchange rate matches the results of another member using a completely different method.
- Calculated current number of XOS shares based on initial merger PR stating that XOS management owns 3.23 million shares, representing 49.5% of all outstanding XOS shares, so XOS outstanding shares = 3.23/0.495 = 6.5 million.
- After the merger XOS will own 79% of the shares in the combined company, which can be estimated by 6.5/0.79 = 8.23, or 8.23 million shares.
- SOLO shares = 8.23 - 6.5 = 1.73 million (or 0.21x8.23)
- There are currently 119 outstanding SOLO shares, so exchange ratio = 1.73/119 = 0.0145
- Assuming a combined company worth of $100 million, XOS shares would be worth 100/8=12, or $12 a share at time of merger, SOLO shares at time of merger would be worth 0.21x$100=$21 million/119 million outstanding shares = $0.18
Post #2
Assuming the calculations in my previous post (above) are correct (i.e., at time of merger, if approved, SOLO shares are worth $0.18, while XOS shares are worth $12), would suggest a good strategy for current SOLO shareholders would be to vote in favor of the merger, sell their SOLO shares and buy XOS shares (as long as SOLO shares are above $0.18, and XOS shares are below $12).
WeTheMarket
10 months ago
Xos, Inc. Secures Purchase Order from Mission Linen Supply for New 22’ Stepvan Option
February 29 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93388988/xos-inc-secures-purchase-order-from-mission-line
Xos, Inc. (NASDAQ: XOS), a leading provider of medium-duty electric vehicles, charging infrastructure, and fleet management software, is pleased to announce that it has received a purchase order from Mission Linen Supply, a leading provider of products and services to hospitality, healthcare, and industrial businesses, for 22’ stepvans.
Mission Linen Supply is a commercial laundry Company that was founded in 1930 and services the healthcare, hospitality, and industrial markets as well as many others. Mission Linen Supply has been a leader in the industry in terms of preserving natural resources and operating in a sustainable manner. Mission is excited to incorporate Xos' 100% battery-electric stepvans into their fleet.
"We are thrilled to partner with Mission Linen Supply on this significant step toward electric fleet adoption," said Dakota Semler, Chief Executive Officer of Xos. "Mission Linen Supply's commitment to sustainability aligns perfectly with Xos' mission. Our electric stepvans are setting new standards for the textile and linen industries, and we are confident that they will bring immense value to Mission Linen Supply's operations."
The order is for twelve Xos SV Stepvans, ideally suited for a variety of applications such as parcel delivery and linen services. Mission Linen’s delivery of stepvans will be some of the first 22’ body stepvans from Xos, further expanding use case options for the Xos SV platform.
“Mission Linen Supply has always been at the forefront of incorporating sustainable practices in our business model, and integrating Xos' electric vehicles is a natural extension of our commitment to provide environmentally friendly goods and services," explained Tony Mancuso, Vice President, Corporate Services at Mission Linen Supply.
ABOUT XOS, INC.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts:
Xos Media Relations
press@xostrucks.com
ABOUT MISSION LINEN SUPPLY
Mission Linen Supply is a family-owned, privately held company and a leading provider of products and services to hospitality, healthcare, and industrial businesses. Founded in 1930 by George “Ben” Page, the company has grown from a one-man operation into a leading player in the linen rental and uniform business. With more than 90 years of industry knowledge and an experienced workforce, Mission is widely recognized for its ability to understand, anticipate, and meet its customers’ needs while providing environmentally friendly goods and services. Headquartered in Santa Barbara, California, the company employs more than 2,500 people in five western states.
WeTheMarket
10 months ago
Govprs, if my calculations are correct, that's exactly what I'm saying. I have posted the same calculations and results on four different boards, and so far no one has disputed my numbers. A member on the Stocktwits board, independently calculated the same SOLO shares exchange rate as me, using a completely different method, which gives me confidence in my calculations, as that was the most difficult number to calculate, the other ones are fairly straightforward.
WeTheMarket
10 months ago
Reposts from Stocktwits board.
Post #1
Following are my calculations. Note that my SOLO exchange rate matches the results of another member using a completely different method.
- Calculated current number of XOS shares based on initial merger PR stating that XOS management owns 3.23 million shares, representing 49.5% of all outstanding XOS shares, so XOS outstanding shares = 3.23/0.495 = 6.5 million.
- After the merger XOS will own 79% of the shares in the combined company, which can be estimated by 6.5/0.79 = 8.23, or 8.23 million shares.
- SOLO shares = 8.23 - 6.5 = 1.73 million (or 0.21x8.23)
- There are currently 119 outstanding SOLO shares, so exchange ratio = 1.73/119 = 0.0145
- Assuming a combined company worth of $100 million, XOS shares would be worth 100/8=12, or $12 a share at time of merger, SOLO shares at time of merger would be worth 0.21x$100=$21 million/119 million outstanding shares = $0.18
Post #2
Assuming the calculations in my previous post (above) are correct (i.e., at time of merger, if approved, SOLO shares are worth $0.18, while XOS shares are worth $12), would suggest a good strategy for current SOLO shareholders would be to vote in favor of the merger, sell their SOLO shares and buy XOS shares (as long as SOLO shares are above $0.18, and XOS shares are below $12).
WeTheMarket
10 months ago
Xos, Inc., Winnebago Announce Partnership and Development of Fully Electric Specialty Vehicle Chassis
February 22 2024
https://ih.advfn.com/stock-market/NASDAQ/xos-XOS/stock-news/93337702/xos-inc-winnebago-announce-partnership-and-deve
Xos, Inc. (NASDAQ: XOS), a leading manufacturer of electric commercial vehicles, and Winnebago®, the flagship brand of outdoor lifestyle product manufacturer Winnebago Industries (NYSE: WGO), are pleased to announce an exciting partnership and development of a fully electric chassis for Winnebago’s Specialty Vehicles division. This chassis utilizes proven Xos battery and electronics technology and is customized for Winnebago’s unique commercial applications.
“We constantly seek new ways to enhance our customers’ mission, and our partnership with Xos is an important next step in our efforts,” said Robert Kim, director for Winnebago’s Specialty Vehicles division. “The near-term demand for zero-emission vehicle options from our Specialty Vehicle division continues to grow and we look forward to extending our leadership position using an Xos chassis designed to integrate seamlessly into our manufacturing processes.”
With the delivery of the first chassis, this partnership brings together two industry leaders to provide innovative, fully-electric solutions for the specialty vehicle market. Winnebago’s Specialty Vehicles division has been providing commercial vehicles for over 50 years and has led the market with zero-emissions vehicle solutions, with their first electric vehicle introduced in 2018.
"We are thrilled to partner with Winnebago to move the industry forward," said Dakota Semler, CEO and Co-Founder of Xos, Inc. "This is a testament to the quality and reliability of our products, and to the customer-centered design approach of Winnebago’s Specialty Vehicle team. This partnership combines the strengths of both companies and positively impacts the communities these vehicles serve."
The specialized chassis for Winnebago will utilize Xos' proven SV platform technology allowing for quick scalability, dependable access to parts, continued software improvements, and scalable service support. The chassis is also compatible with Xosphere, Xos' fleet management software, providing end-users with a comprehensive support system. The use cases for this platform can include but are not limited to, mobile child advocacy centers, medical and dental clinics, blood donation vehicles, and mobile command vehicles. Xos' electric chassis will underpin Winnebago’s zero-emissions commercial vehicle shells, available in 33’ and 38’ lengths. With an estimated driving range up to 200 miles, this new vehicle eliminates tailpipe emissions, reduces noise, and reduces overall operating costs.
“Our approach to innovation is rooted in embracing change and collaborating across our businesses to create the best possible experiences for our customers,” said Jamie Sorenson, director in Winnebago Industries’ Advanced Technology Group, a project partner. “We are constantly monitoring evolving customer needs and technology solutions and our partnership with Xos represents a significant milestone in our journey into the future of electric specialty vehicles.”
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
About Winnebago
Winnebago brand RVs have been a part of the American outdoor experience since pioneering the category in 1958. Winnebago offers legendary innovation, quality and service across a full spectrum of towable travel trailers and motorhomes ranging from camper vans to luxury Class A diesel pushers. For more information, visit www.winnebago.com. Winnebago is a wholly owned subsidiary of Winnebago Industries (NYSE:WGO), a manufacturer of premium leisure travel and outdoor recreation products under the five brands: Winnebago, Grand Design, Chris-Craft, Newmar and Barletta. For access to Winnebago Industries’ investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
About Winnebago Specialty Vehicles
Winnebago Specialty Vehicles is a division of Winnebago, working for over 55 years to develop unique and customized specialty vehicle applications in diverse domains like mobile medical, mobile opioid clinics and other mobile business applications. Winnebago Specialty Vehicles also designs and develops diverse vehicles for customers with accessibility challenges. With manufacturing operations in Forest City, IA and a nationwide sales and service network, Winnebago Specialty Vehicles specializes in high-performance applications. The division has designed, built and delivered multiple all-electric vehicles to customers across the USA since 2018.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
Winnebago Industries Investor Relations
IR@winnebagoind.com
Winnebago Industries Media Relations
Media@winnebagoind.com
WeTheMarket
10 months ago
Monroe, thanks for the feedback. That's certainly a reasonable option for current SOLO investors. Another option, if my calculation in my previous Post #2228 are correct, and SOLO shares are worth $0.18 and XOS shares are worth $12 at the time of the merger, would be to sell SOLO shares and buy XOS shares, and vote in favor of the merger, to make sure it gets approved.
WeTheMarket
10 months ago
Repost from Stocktwits:
- Calculated current number of XOS shares based on initial merger PR stating that XOS management owns 3.23 million shares, representing 49.5% of all outstanding XOS shares, so XOS outstanding shares = 3.23/0.495 = 6.5 million.
- After the merger XOS will own 79% of the shares in the combined company, which can be estimated by 6.5/0.79 = 8, or 8 million shares.
- SOLO shares = 8 - 6.5 = 1.5 million
- There are currently 119 outstanding SOLO shares, so exchange ratio = 1.5/119 = 0.01261
- Assuming a combined company worth of $100 million, XOS shares would be worth 100/8=12, or $12 a share at time of merger, SOLO shares at time of merger would be worth 0.21x$100=$21 million/119 million oustanding shares = $0.18
The share information in the initial merger announcement PR, was given only to show the likelihood of the merger being approved. A 2/3 majority of votes from both shareholders is needed. XOS management, owning 50% of outstanding shares, pretty much guarantees approval. However, SOLO management only owns 2-3% of outstanding shares, so not a guarantee. Since only voted shares count, it should increase the likelihood that the merger is approved by shareholders of both companies.
WeTheMarket
10 months ago
I recently received the following information via email.
Susan shared key takeaways from her conversation with Dakota in a recent letter to shareholders, dated Feb 1, 2024. Read it here:
https://xosandemv.com/call-with-the-xos-ceo/
We have added new market, products and operations pages to our transaction website to help shareholders familiarize themselves with Xos’ business. On these pages, investors will find details about the lucrative market Xos is selling into, the Xos ecosystem, and facts about supporting regulation and other advantages for Xos customers. Check it out!
https://xosandemv.com/market/
https://xosandemv.com/products/
https://xosandemv.com/operations/
Xos Recognized as a Deloitte Technology Fast 500 Company
Jan 31, 2024
https://xosandemv.com/xos-recognized-as-a-deloitte-technology-fast-500-company/
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