Tevva Filing Legal Complaint Against ElectraMeccanica Following Termination of Proposed Merger

Tevva Motors Limited (“Tevva”) is filing a lawsuit in the United States District Court in Arizona (the “Lawsuit”) against ElectraMeccanica Vehicles Corp. (“EMV”) as well as EMV’s CEO Susan Docherty seeking redress for the improper and unmerited purported termination of the binding merger arrangement agreement with Tevva.

The Lawsuit exposes how EMV offered spurious, defamatory allegations in a thinly veiled attempt to justify its abrupt termination of a binding merger agreement with Tevva. This merger agreement resulted from thousands of hours spent by both parties evaluating and structuring a mutually beneficial business combination.

Tevva has exercised restraint by giving EMV until November 17, 2023, to reach an acceptable solution. The Lawsuit appropriately seeks extensive remedies, such as $75 million in damages, an injunction blocking EMV from entering into an alternative merger agreement, and a protective order preventing EMV from dissipating its cash (which will be needed to pay Tevva’s damages) through dividends, executive compensation, and similar wasteful actions.

Although the Lawsuit will allow Tevva to seek redress for the damages caused by EMV’s wrongful conduct, Tevva’s operations and business plans are not dependent upon the Lawsuit. In light of the breakdown in the relationship with EMV, Tevva has re-engaged with several investors and public companies seeking attractive, strategic merger partners such as Tevva.

Tevva is confident that it will secure both medium and long-term funding that will allow it to complete its business plan and transform the commercial truck industry.