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Benzinga
Benzinga
Business
Henry Khederian

Here's Why Vicinity Motor Shares Are Falling

Nasdaq Vicinity Motor Corp

Vicinity Motor Corp (NASDAQ:VEV) shares are trading lower by 30.2% at $2.31 after the company announced a $12 million direct registered offering.

Vicinity Motor intends to use the proceeds for the completion of the company's Ferndale, Washington manufacturing facility. Vicinity Motor says the closing of the offering is expected to occur on or about March 28, 2022, subject to the satisfaction of customary closing conditions.

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