London-Tevva Motors Limited (“Tevva”) is taking legal action against ElectraMeccanica Vehicles Corp. (“EMV”) and its CEO Susan Docherty in the United States District Court in Arizona. This lawsuit, known as the "Lawsuit," has been initiated to address the improper termination of a binding merger arrangement agreement with Tevva.
The Lawsuit, initiated by Tevva, sheds light on how EMV used unfounded, defamatory allegations in an attempt to justify the sudden termination of the binding merger agreement, which had been meticulously crafted through thousands of hours of evaluation and collaboration between both parties.
Tevva has provided EMV with an opportunity to resolve this situation amicably by extending a deadline until November 17, 2023. However, if no acceptable resolution is reached by then, the Lawsuit seeks extensive remedies. These include a request for $75 million in damages, an injunction to prevent EMV from entering into an alternative merger agreement, and a protective order to prevent the dissipation of EMV's cash – necessary to pay Tevva's damages – through means such as dividends, executive compensation, and wasteful actions.
Importantly, Tevva wants to emphasize that its operations and business plans do not hinge on the outcome of the Lawsuit. In response to the breakdown in their relationship with EMV, Tevva has re-engaged with various investors and public companies actively seeking strategic merger partners like Tevva. The company remains confident in securing both medium and long-term funding necessary to complete its business plan and bring transformation to the commercial truck industry.
Tevva is a hydrogen electric truck company with a spectrum of options for zero-emission medium to heavy-duty trucks.
