Following the termination of its merger agreement with ElectraMeccanica, Tevva has come out fighting, refuting the basis on which the termination was announced and re-shaping its management team to get the business back on track.
Tevva has issued a public statement following the termination of the proposed merger with ElectraMeccanica: “The Tevva team was deeply disappointed by this abrupt decision and had no opportunity to respond to ElectraMeccanica’s claims before they went public,” the company has announced. ”Tevva gave full and open access at every point in the process to ElectraMeccanica’s advisors and management, with full financial due diligence prior to signing the definitive agreement and senior members of the ElectraMeccanica executive team in residence for many weeks at Tevva’s UK facility.
”Tevva strongly refutes the basis under which the planned merger was terminated, with no regard to the agreement termination protocol, and will be seeking recourse through due legal process. Tevva will shortly go public on its rebuttal of the ElectraMeccanica claims via the company’s advisors.”
Tevva has re-organised its management team: David Roberts is now the CEO, while Ken Scott assumes the role of Managing Director, all under the chairmanship of Ian Harnett. Furthermore, Tevva says it has resumed discussions with multiple investors and public companies in search of a new merger opportunity.