ElectraMeccanica to place $20M at-the-market financing to fund electric vehicle marketing

ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) announced a $20 million at-the-market financing with institutional investors to cover sales and marketing costs and fund product development. The electric vehicle producer plans to sell 10 million common shares at a price of $2 per share, and the offering is expected to close by Friday. Roth Capital Partners served as the company’s sole placement agent for the deal. After fees and offering expenses, ElectraMeccanica expects proceeds of roughly $18.6 million. READ: ElectraMeccanica names five states for potential US facility, tours possible Arizona locations The Vancouver company, which produces the SOLO three-wheel electric vehicle, said it plans to use the money for sales and marketing expenditures, capital expenditures, further product development, operational expenditures and for general corporate and working capital purposes. The company is targeting a commercial launch of the SOLO in Los Angeles shortly followed by further rollouts along the West Coast later in the year. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel