XOS Completes ElectraMeccanica Acquisition to Boost Growth [Yahoo! Finance]
Unifirst Corporation (UNF)
Last unifirst corporation earnings: 4/1 08:00 am
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Source: Yahoo! Finance
The acquisition is expected to add $48 million to Xos' balance sheet and provide growth capital for the company. Per Dakota Semler, CEO and co-founder of XOS, the growth capital obtained in the transaction, coupled with reduced cash burn, will pave the way for the company's profitability as it plans to scale deliveries in the coming quarters. Xos, which currently has positive gross margin, aims to become free cash flow positive. In the fourth quarter of 2023, the electric truck manufacturer delivered a record 110 units to its fleet customers. Its client base in 2023 comprised prominent names like FedEx Ground, UPS, Loomis, Canada Post, UniFirst and Penske, underscoring robust demand for its electric commercial vehicles. As part of the acquisition deal, ElectraMeccanica shareholders received 0.0143739 shares of Xos common stock for each ElectraMeccanica share held. Following the completion of the transaction, former shareholders of ElectraMeccanica own roughly 21% of XOS. El
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UNF
Earnings
- 3/27/24 - Miss
UNF
Sec Filings
- 4/4/24 - Form 10-Q
- 3/27/24 - Form 8-K
- 2/14/24 - Form 4
- UNF's page on the SEC website