British e-truck manufacturer Tevva is about to file a lawsuit against ElectraMeccanica (EMV), following the missed merger agreement between the two companies, which had been announced not long ago. Also EMV’s CEO Susan Docherty will be taken into court as “seeking redress for the improper and unmerited purported termination of the binding merger arrangement agreement”, as stated by Tevva.
The Lawsuit exposes how EMV offered spurious, defamatory allegations in a thinly-veiled attempt to justify its abrupt termination of a binding merger agreement with Tevva – a merger agreement that was the product of thousands of hours of time spent by both parties evaluating and structuring a mutually beneficial business combination.
Tevva’s operations and business are “not dependent upon the lawsuit”
Although the lawsuit will allow the British manufacturer to seek redress for the damages that have been caused by EMV’s wrongful conduct, the company’s operations and business plans are not dependent upon the Lawsuit. In light of the breakdown in the relationship with EMV, Tevva has re-engaged with a number of investors and public companies who are seeking attractive, strategic merger partners such as Tevva.