10:34 AM EDT, 10/18/2024 (MT Newswires) -- Vicinity Motor ( VEV ) shares were plunging 32% Friday after the company said Royal Bank of Canada ( RY ) plans to file a receivership order against the electric bus manufacturer early next week.

Market regulators in British Columbia are expected to terminate trading of the company's shares on the TSX Venture Exchange by Monday, Vicinity Motor ( VEV ) said.

The company late last week said it was unable to successfully negotiate a workout plan with the bank or Export Development Canada and was expecting creditors would soon seek to place it in receivership, forcing it to lay off its remaining workforce and cease operations.

Vicinity Friday also said that PricewaterhouseCoopers resigned as its company auditor.

Price: 0.05, Change: -0.02, Percent Change: -31.86