02:06 PM EDT, 03/26/2024 (MT Newswires) -- Xos (XOS) said Tuesday that it has acquired ElectraMeccanica Vehicles in an all-stock transaction.

Per the deal, former ElectraMeccanica shareholders now own about 21% of Xos, the company added.

The acquisition is set to add about $48 million to Xos' balance sheet, the company said, adding that the deal's terms were announced in January.

ElectraMeccanica's common shares will be delisted from Nasdaq, and the electric vehicle assembler will surrender its reporting issuer status in British Columbia, the company said.

Price: 12.01, Change: +0.06, Percent Change: +0.50