02:38 PM EDT, 10/14/2024 (MT Newswires) -- Vicinity Motor ( VEV ) shares plunged over 31% Monday, after it said if its creditors proceed with receivership enforcement, it will be forced lay off its remaining staff and cease operations.

The commercial electric vehicle maker on Friday announced it was unsuccessful in renegotiating terms of its credit agreements with the Royal Bank of Canada or Export Development Canada after it entered negotiations.

Both lenders decided against renewing the agreements in July and demanded immediate repayment of amounts owed in August. RBC also restricted the company's access to certain assets in August without advance notice, Vicinity Motor ( VEV ) said.

Meanwhile, Vicinity said it had restricted insider trading of its securities pending the filing if its interim financial statements.

The company said the British Columbia Securities Commission could completely restrict trading in its shares in Canada if it is unable to file its interim financial statements by Oct. 18.

Price: 0.08, Change: -0.04, Percent Change: -31.34