An Aldergrove-based bus and truck manufacturer has been placed under receivership and its entire board of directors, including its CEO and founder, has resigned.

Statements issued by Vicinity Motor Corp. said the resignations came in late October, after the company was unable to renegotiate terms with creditors.

Royal Bank of Canada had obtained a court order forcing Vicinity into receivership, where a secured creditor or the court appoints a receiver to take control of a business's assets and sell them to repay a loan.

William Trainer, Vicinity founder and CEO, along with Joseph Miller, Andrew Imanse, Chris Strong, James White, and John LaGourgue have all resigned from the board. Chief financial officer Tina Stewart also resigned.

Vicinity was also delisted by the U.S.-based NASDAQ stock exchange, because its shares have fallen below the minimum bid price requirement of $1.

It was one of two delisting orders from NASDAQ, the other in response to the company going into receivership.

As well, cease trade orders were issued against Vicinity, including one from the British Columbia Securities Commission.

Vicinity warned, in one of its statements, it could be forced to "lay off its remaining staff and cease operations."

Established in 2008 by Trainer, the company, initially called Grande West, was formed to meet a request for smaller and mid-size buses from B.C. Transit by building a low floor, heavy-duty, mid-sized model.

Vicinity has been designing and selling electric, CNG, and clean-diesel buses, as well as the VMC 1200 electric truck to transit and industrial markets, all manufactured according to Vicinity designs by a Chinese company.

Vicinity is based in a 32,000-sq.-ft. facility, on 2.5 acres in Aldergrove, that includes the corporate headquarters, research and development, and an assembly plant able to deliver up to 850 vehicles annually.

In November 2023, Vicinity opened a new 鈥淏uy America compliant鈥� vehicle assembly facility in Ferndale, Wash., intended to be the company鈥檚 first U.S. assembly plant.

91原创 Advance Times has reached out to Vicinity for comment.

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