Mr. John LaGourgue reports

VICINITY MOTOR CORP. RECEIVES ADDITIONAL 180 DAY EXTENSION BY NASDAQ TO REGAIN COMPLIANCE WITH MINIMUM BID PRICE RULE

Vicinity Motor Corp. has received a letter from the Nasdaq Stock Market LLC, dated April 23, 2024, notifying the company that Nasdaq has determined that the company is eligible for an additional 180-calendar-day period to regain compliance with Nasdaq's minimum $1 (U.S.) bid price per share requirement for continued listing on the Nasdaq Capital Market as set forth under Nasdaq Listing Rule 5550(a)(2), following the expiration on April 22, 2024, of the initial 180-calendar-day period to regain compliance.

As previously disclosed, the company was initially notified by Nasdaq on Oct. 24, 2023, that the company was not in compliance with the bid price requirement for a period of 30 consecutive business days, and Nasdaq granted the company a period of 180 calendar days, or until April 22, 2024, to regain compliance with the bid price requirement.

As a result of the extension, the company now has until Oct. 21, 2024, to regain compliance with the bid price requirement. To regain compliance, the company's common shares must have a closing bid price of at least $1 (U.S.) per share for a minimum of 10 consecutive business days, at which point the matter will be closed.

The receipt of the letter from Nasdaq has no immediate effect on the listing or trading of the company's shares, which will continue to trade on the Nasdaq Capital Market under the symbol VEV. The company will monitor the closing price for its common shares during the extended compliance period and intends to take all reasonable measures available to regain compliance under the bid price requirement and to maintain the listing of its common shares on the Nasdaq Capital Market.

About Vicinity Motor Corp.

Vicinity Motor is a North American supplier of electric vehicles for both public and commercial enterprise use. The company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG (compressed natural gas) and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets.

We seek Safe Harbor.