Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company") today announced that all members of the Board of Directors have resigned from the Company.

On October 21, 2024 Royal Bank of Canada was granted a petition for Receivership of Vicinity Motor Corp. by the Superior Court of British Columbia. Since the grant of Receivership, none of the Board Members has been contacted by the Receiver(s). As this appointment is considered a 'Change of Control', the entire Board of Directors consisting of Joseph Miller, Andrew Imanse, William Trainer, Chris Strong, James White and John LaGourgue have resigned from the Board. Tina Stewart, Chief Financial Officer, has also resigned her position.