Vicinity Motor enters workout agreement to develop restructuring plan

Vicinity Motor has reached an agreement with its secured lenders to execute a workout and financial restructuring plan to address the previously announced demands from Royal Bank of Canada and Export Development Canada in respect of outstanding credit facilities to progress towards financial stability for the Company. Vicinity and the Secured Lenders have agreed to the terms of the workout for the next 60 days, discussing with the Secured Lenders its revenues, debt structures, and initiatives to reorganize. During this period, the Company will return to limited operations and the Secured Lenders will retain all rights previously asserted. Prior to the conclusion of the workout period, Vicinity expects to have entered into a restructuring plan that may include agreements for payment and creditor rights and protections. During this period Vicinity will work to preserve the value of its assets, execute in process deliveries, and facilitate technical and parts support programs. The Company will continue to work closely with vendors, customers, and partners during this period as it endeavors to return to normal full operations within the 60-day period.