Shareholders have reaped a windfall from a Vancouver company aiming to market a three-wheeled electric vehicle to North American consumers.
Today, the share price of ElectricaMeccanica shot up 64.54 percent on NASDAQ to close at US$5.15.
Its newest vehicle, the Solo, is a one-seater with a suggested manufacturer's sale price of $18,500.
It could be a desirable alternative in the COVID-19 era for those looking to bypass public transportation. That's because of the Solo's low operating costs.
According to ElectricaMeccanica, the vehicle reaches 128 kilometres per hour and travels 160 kilometres without needing a battery recharge.
On June 29, the company's shares opened at US$1.88, marking a 174 percent rise in just five days of trading. (U.S. markets were not open on July 3.)
The surge follows Roth Capital Partners closing the sale last month of 10 million common shares at US$2 each, generating gross proceeds of US$20 million.
Today, more than 172 million shares were traded. That followed a slightly less heavy day on July 2 when nearly 130 million shares were exchanged.
At one point today, the share price spiked up to $US6.
On Wednesday (July 7), ElectraMeccanica shares retreated, closing the day at US$4.15 on NASDAQ, That was a 19.42 percent drop. But in the first two hours of after-hours trading, the share climbed to US$4.37.