07:49 AM EDT, 08/21/2024 (MT Newswires) -- Vicinity Motor ( VEV ) said Wednesday it has reached an agreement on a financial restructuring plan with its secured lenders to address demands from the Royal Bank of Canada and Export Development Canada over outstanding credit facilities.

The electric vehicle company said over the next 60 days it will reorganize its finances while returning to limited operations. By the end of the period, the company expects to have completed a restructuring that may include agreements for payment and on creditor rights and protections.

Shares of the company were up 33% in recent Wednesday premarket activity.

Price: 0.2000, Change: +0.05, Percent Change: +33.24