- The coronavirus pandemic has left thousands of crew members trapped on cruise ships around the world.
- Business Insider spoke with a crew member stuck on the MS Norwegian Epic about his experience onboard.
- The crew member spoke of his sometimes grueling experience on the ship, which has dragged on for more than 80 days.
- Crew members stranded at sea have faced depression, insomnia, and financial woe since the pandemic began roiling the cruise industry.
- Visit Business Insider’s homepage for more stories.
For some crew members, the weeks spent stranded aboard the MS Norwegian Epic began to feel like a slow, dry drowning.
Peter knew a few people who would sit inside their cabins and pour out their feelings on social media. Their Facebook posts took on a dark and depressive nature. Some seemed nearly suicidal in tone.
Peter and his friends would go knock on struggling fellow crew members’ cabin doors and invite them on a walk around the ship. He said that having a routine, and maintaining contact with friends onboard and loved ones on shore, has proved crucial for his mental wellbeing on the ship.
“You want to show them that you’re there, even if they don’t want to talk about anything serious,” he said. “It helps a lot.”
Many Norwegian Cruise Line crew members stuck onboard the Epic have been stuck on a cruise ship without passengers since mid-March. Peter originally sailed on the MS Norwegian Sun, which dismissed its last guests on March 13. A little over a week later, he was transferred to the Epic, where he has remained ever since. The Epic is currently located off Miami, according to VesselFinder.com.
Peter is not the stranded crew member’s real name, although Business Insider has verified his status as a crew member aboard the Epic. Business Insider is withholding this crew member’s identity to protect him from professional retaliation and blackballing within the cruise industry. The crew member will be referred to as Peter within this story, and his nationality and role on the ship will be withheld.
Business Insider spoke with Peter about his experience being adrift throughout the entire coronavirus pandemic. He discussed his experience dealing with insomnia, boredom, and being terminated and left without income while still trapped onboard a former employer’s vessel. This Norwegian crew member’s experience is reflective of that of the thousands of crew members around the world who were left stranded onboard cruise ships — often without pay or certainty about a disembarkation date — during the global pandemic.
‘We were not in a good space’
For Peter, sticking with a routine has proved crucial for staying sane and positive. He adopted his daily rituals after passengers were first booted of the Sun, his original ship. He exercises each morning, about half an hour after waking up. After his hour-long workout, he breaks for an early lunch. The afternoon is dedicated to remotely connecting with friends and family, and the occasional creative pursuit. After dinner, he might try to catch a film or read a book in his cabin.
“I still feel like a good routine is key to getting through all of this,” he said. “I’ve had my off days, but I’ve only had two.”
Onboard the Epic, Peter said that many crew participate in group exercise. The Epic has not reported any potential COVID-19 outbreaks or established any vessel-wide quarantining rules. He said that he has seen up to 25 participants in a class, and that ship security has “chilled” when it comes to allowing such gatherings.
“I’m happy for the Zumba guys,” he said.
Peter prefers going solo, but he hates running. Instead, he takes to “crisscrossing” the vessel for his daily workout.
“I walk the ship every day,” he said. He moves between decks, planking and doing push-ups every so often.
When it comes to nutrition onboard, Peter said the food is “pretty fine.” The crew members now take their meals in the mess hall. When there were more people onboard, they ate in the Garden Café, a buffet restaurant with a sweeping blue view.
“It doesn’t make sense to have us in this huge restaurant,” he said. “It just takes too much manpower, I guess.”
Peter said the crew are served “balanced meals,” with plenty of meat, fish, and vegetable options. There is also ice cream, as well as watermelons, pineapples, and cantaloupes for dessert.
“I’m grateful because it could be a lot worse,” he said.
Jeff Greenberg/Universal Images Group via Getty Images
But for Peter, the most important facet of life onboard the Epic has been his quarters. He said that the state of his living space has had an outsized impact on his mood and mental health.
Upon transferring to the Epic, Peter started out sharing a balcony stateroom with another crew member. But that all changed after ship leadership found that some crew “because people had been smoking and misbehaving” in the rooms. Peter said that crew staying in the rooms with balconies were shuttled off to the inside cabins.
“We were all punished for the handful of folks who were being idiots,” Peter said. “That was not cool. Not for my mental health anyway, because I need to see the sun.”
Peter’s room mate eventually was transferred off the ship to return home, but the lack of sunshine and fresh air took a toll.
“I had had insomnia for nearly two weeks at the end of my inside cabin stay,” Peter said. “I was not in a good space.”
All in all, Peter remained in the inside cabin for about a month.
“It was a long time to sit in a cabin that is not well lit,” he said. “There’s no porthole, because you’re facing the inside.”
With hundreds crew members leaving the Epic to go home toward the middle of May, more balcony rooms began opening up. According to Peter, his “great” new room’s main features include a balcony and two single beds shoved together. Despite its small size, it also boasts far more storage space than his inside cabin.
“It’s made a big difference to me in terms of my mental health,” he said,
‘It’s like something you can almost feel in the air’
At sea, with no work and limited options for play, crew members have found themselves becoming listless. For stranded crew like Peter, fun has become a “relative” term.
“You don’t get this kind of free time at home, but also you’re so far away from home,” Peter said. “You have to force yourself into positive things.”
A self-described “geek,” Peter said that he spends some time playing video games in his cabin. He was once part of an onboard Call of Duty squad, but he was left alone when the other guys were all transferred to another ship.
Beyond their cabins, crew members can also move around and socialize on the ship. Norwegian even granted crew members a daily nonrefundable $10 shipboard account credit. Once a crew member departs the ship, they are not longer entitled to that money. Onboard, however, the credit can be used to purchase almost anything.
Peter spends his daily allowance on coffee and beer. When the Epic sails outside of United States waters — usually two to three nights every week — the booze begins to flow onboard. The wait time on line for alcohol sometimes takes up to half an hour.
Neilson Barnard/Getty Images
The mix of crew members from different Norwegian ships has allowed for increased mingling and meet-ups with old friends.
“A lot of folks are seeing friends that they haven’t seen in a while,” Peter said.
But perhaps more importantly, there have been even more crew leaving the ship, as of late. Charter planes, commercial flights, and other Norwegian ships have been dispatched to take these employees home, after months stuck at sea. With fewer crew onboard, the ship’s satellite internet connection has improved significantly for those that remain stranded.
“When we were 2,000-plus folks, the Wifi was understandably awful,” Peter said. “Now it’s semi-decent. In certain spots, I can even do a video call with my family.”
Peter said the tempo of departures “seems to be increasing,” which in turn has brightened morale even more.
“We seem to be happier than most we were six weeks ago,” Peter said. “It’s like something you can almost feel in the air. It just seems to be a weight lifted.”
‘Suddenly we just weren’t being paid’
The mood on the Epic may be more buoyant than in past weeks, but the financial straits that many crew find themselves in is enough to dampen any good feelings. Peter said he is “definitely” concerned about his own finances as a result of his experience with Norwegian.
“I’m short nearly a month of income and that is a huge problem,” he said.
Peter said that crew on the Sun were initially told they would keep earning paychecks while onboard, even after passengers disembarked. That message was reiterated once they transferred to the Epic. Then, without a warning from human resources, word spread around that most of the stranded crew were being terminated.
“There was no official meeting called to say otherwise,” he said. “Suddenly we just weren’t being paid.”
Randy Brooke/WireImage/Getty Images
On April 24, crew received their termination slips. Peter said that crew also received two weeks of severance pay. But had the coronavirus pandemic never happened, Peter would have been home around a month by now. He spent that month trapped on a vessel that no longer needed his services and would no longer provide him with income. The Wifi on the ship also proved weak to permit any kind of telecommuting work.
Fortunately, Peter’s landlord slashed his rent by half, meaning that he will not be without a home once he gets off the Epic.
“I’m kind of done being upset about that,” he said. “We’re just kind of numb about that.”
He did blast Norwegian for paying executives millions of dollars, while cutting crew pay. Norwegian Cruise Line’s Frank Del Rio made $22,590,000 in 2018, according to Cruise Law News, making him the highest-paid CEO in the cruise world.
“And yet they cut our paychecks,” Peter said. “It doesn’t add up and it makes it feel as if they don’t really care about us.”
Even before the coronavirus struck, Peter said he was unimpressed with Norwegian’s operations — in terms of ship sanitary conditions and crew pay — compared with that of other cruise lines. He also said that Norwegian’s global leadership failed to act decisively when the coronavirus first was classified as a pandemic in March.
“Before everything went south, before CDC started locking things down, there was a window period,” he said. “They should not have been sailing folks on the eighth of March.”
‘I’m always the most positive person, and even I took a knock’
Remaining confined on a ship without pay or a confirmed disembarkation date during a global pandemic has proved draining for many crew members working on major cruise lines. Peter said he stops to just breathe whenever possible. He strives to “look at the bigger picture,” avoid panic, and acknowledge when circumstances are beyond his control.
“I can blame the company for lots and lots of things, but I can’t blame them for my attitude,” he said. “That’s on me.”
Peter said that he considers it his responsibility to stay positive for his fellow crew. He views despair as a possible contagion, an emotion with the potential to be as infectious as the coronavirus itself.
“If I go to someone and I’m like, ‘Dude, I want to jump overboard. I hate this, yada yada’ — it will affect them negatively,” Peter said. “And that’s not fair.”
Since the Norwegian Sun kicked off its passengers on March 13, Peter estimated that he has had two “bad days,” along with bouts of insomnia. Given his commitment to maintaining a positive outlook, Peter said that the fact he has found being stuck onboard emotionally draining quite telling.
“I’m not the kind of person to let life get me down,” he said. “I’m always the most positive person, and even I took a knock.”
Alain DENANTES/Gamma-Rapho via Getty Images
Peter’s loved ones stay in touch. Their frequent contact has become an integral part of his positivity-bolstering routine onboard. For his part, Peter is excited to see them when he finally returns to shore. He said he will spend time with family, play some Xbox, and sit by the fire at night with a glass of wine.
He said he most looks forward to cooking outdoors when he gets home. Peter plans to load up a pot with meat and vegetables around noontime, and “slow cook that bad boy” for hours. As the dish simmers over the coal and wood, he will crack open a beer, and maybe even grill up a fish for lunch.
“Just give me a fire and my family and I’m happy,” he said.
Until then, Peter will keep staving off boredom and loneliness in his room, leaving his balcony door open to let in the sea air.
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SHAREHOLDER ALERT: WeissLaw LLP Investigates Knoll, Inc.
NEW YORK, April 19, 2021 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Knoll, Inc. (“Knoll” or the “Company”) (NYSE: KNL) in connection with the proposed cash and stock acquisition of the Company by Herman Miller, Inc. (“MLHR”) (NASDAQ: MLHR). Under the terms of the merger agreement, Knoll shareholders will receive $11.00 in cash and 0.32 shares of MLHR common stock for each Knoll share that they own, representing implied per-share merger consideration of approximately $25.18 based upon MLHR’s April 16, 2021 closing price of $44.30. Upon consummation of the transaction, current MLHR shareholders will own approximately 78% of the combined company and Knoll shareholders will own approximately 22%. The transaction is valued at approximately $1.8 billion.
If you own Knoll shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw LLP is investigating whether (i) Knoll’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the merger consideration adequately compensates Knoll’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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SOURCE WeissLaw LLP
Teaching your teen to drive – Use a lesson plan to make the most of practice
CALGARY, AB, April 19, 2021 /CNW/ – Spring is here and with it comes thousands of teens excited to learn to drive. For these teenagers, gaining experience before obtaining their license is key. Studies show1 that having a variety of experiences on the road is integral to building a new driver’s skills. A lot of pressure is put on parents and guardians to create new learning opportunities as they provide practice sessions for their teens, but with so much at stake, where do they begin?
A recent survey by driver training company Fleet Safety International found that most Canadian parents plan to be involved in teaching their teenager to drive, with over half saying they would help teach their teen two to three times per week. However, many aren’t sure they have strong enough knowledge of current driving laws, nor do they feel confident in teaching. In order to facilitate this learning process, the team at Fleet Safety International developed a unique online driver training program for parents: Teach Your Teen to Drive.
Now available in all provinces excluding Alberta and Ontario, Teach Your Teen to Drive is an online defensive driving toolkit for parents and guardians as they guide their teenager through the new driver experience. This online course compiles the most up-to-date rules of the road and driving techniques into 19 modules for real-world driving opportunities. The modules include relevant topics for young Canadian drivers, such as “Driving for the First Time”, “Winter Driving”, and “Freeways and Highways”.
According to Dr. Randy Flemmer, Fleet Safety International’s president, there are additional perks to providing a positive teaching experience for your teenage driver: “Approached with the right process, attitude, and expectations, teaching your teen how to drive can lead to a great learning experience for both you and your teen. Teaching your teen how to drive can also be a great way to connect with your teenager on a level you may not have before.”
Parents and guardians in Canada want their teenage drivers to learn life-long safe driving skills. Knowing the rules of the road and using a well-crafted lesson plan will create the best experiences and can even help strengthen relationships between teens and their parents. For more information about the course, visit teachyourteentodrive.ca.
SOURCE Fleet Safety International
iWrc Creates Opportunity for Waste Workers in Brazil
SAO PAULO, April 19, 2021 /PRNewswire/ — Recycling centers often lack the proper resources to protect their employees from hazardous and strenuous working conditions. iWrc collaborates with these cooperatives to improve the health, safety, and financial stability of employees. The initiative trains workers at the cooperatives in proper practices and protocol. Elizabete Rocha, president of Futura Cooperative, says that in the past workers “feared nothing. We had no PPE. We had no schedule to stop working.” Since taking part in the training programs, things have changed. “They taught me to respect myself and the others, manage and value our work.”
The benefit doesn’t stop at daily safety. These standards also certify their waste for export to corporations for reintroduction into the supply chain. With appropriate work conditions, they can sell their sorted waste on the global market. This model provides increased income and wealth to waste workers.
The Value of Social Responsibility
iWrc utilizes a universally recognized measurement tool, the Social Fingerprint system from SAI International. The system measures the social performance of businesses and partners on all rungs of the global supply chain. In transnational corporations, this fingerprint ensures that materials are sourced in a socially responsible way.
iWrc corporate partners purchase materials and support best practices for recycling facilities in Brazil and Mexico. These partnerships include Johnson & Johnson, Kimberly Clark, and HP. Mike Hsu, CEO of Kimberly Clark, explains their ambitious goals to be met by 2030, “the next 10 years will be decisive. We know our consumers are concerned about the impact our products have on the environment, and we are concerned too. That’s why we will focus on the areas where we can make the biggest difference – climate, forests, water and plastics.”
Partnership with iWrc reduces corporate environmental impact and strengthens their global social impact. By reintroducing recycled materials through a circular economy and supporting safe working conditions for waste workers in their respective countries, companies can meet sustainability goals.
In March 2021, iWrc cooperatives collected, sorted, and processed over 1000 metric tons of combined waste. The initiative drastically increases the number of cooperative members, creating opportunities while cleaning up surrounding communities.
Sustainability through a Circular Economy
The regenerative design of a circular economy gives waste new life. Recycling often refers to plastics and aluminum, leaving many other materials underutilized. iWrc’s partner cooperatives also reintroduce e-waste, PET, and other resources back into the value chain. These initiatives restore the worth of materials typically considered “low-value.”
To advance the progress and efforts of iWrc’s program, the consortium will continue to forge new partnerships with cooperatives globally. These initiatives create jobs and wealth while reducing waste in surrounding communities.
To learn more about iWrc’s programs and partnerships, visit https://iwrc.world/
Our partner facilities offer safe conditions and responsible operations. We work with waste recycling cooperatives to establish best practices. Then, we connect cooperatives to brands. The iWrc platform allows global brands to purchase bulk recycled materials. This sorted waste returns to the supply chain. Companies can buy the product with confidence. The iWrc Seal represents fair labor practices.
About iWrc Global
iWrc stands for “Inclusive Waste Recycling Consortium.” The first word in our name is “inclusive.” iWrc is the leader in fair labor practices. We seek to advance the health and financial status of waste pickers. Here, “inclusive” means safe conditions and responsible operations. We work with waste recycling cooperatives to establish best practices. Our training helps empower employees. A “consortium” is an association between several companies. We connect cooperatives to brands. Our platform allows global brands to purchase recycled materials.
The iWrc online marketplace sells sorted bulk material. Recycled waste returns to the supply chain. Companies purchase the product with confidence. The iWrc Seal represents fair labor practices. People are our priority. Thus, we strive for optimal conditions at the recycling facilities.
SAI’s Social Fingerprint® program measures social responsibility. They monitor, measure, and help to improve working conditions. iWrc partners with SAI to create a social impact collaboration. Together, we envision a world where workers, businesses, and communities thrive.
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SOURCE iWrc Global
Navya and REE Automotive announce that they have signed an agreement to develop a level 4 autonomous system including REE corner technology and Navya self-driving solutions
VILLEURBANNE, France, and TEL AVIV, Israel, April 19, 2021 /PRNewswire/ — Navya (FR0013018041- Navya), a leading company in autonomous driving systems and REE Automotive (“REE”), a leader in e-Mobility which recently announced its merger with 10X Capital Venture Acquisition Corp. (NASDAQ: VCVC), announce that they have signed an agreement to collaborate in the development of a level 4 autonomous system including REEcorner technology and Navya self-driving solutions.
REE is revolutionizing the e-Mobility industry through its highly modular and disruptive REEcorner technology which integrates critical vehicle components (steering, braking, suspension, powertrain and control) into the arch of the wheel. REE’s proprietary x-by-wire technology challenges century-old automotive concepts by being agnostic to vehicle size and design, power-source and driving mode (human or autonomous). Platforms utilizing REEcorners can present significant functional and operational advantages over conventional EV “skateboards” currently available in the market.
Navya is a leading player in level 4 autonomous driving systems for passenger and goods transport. Since 2015, Navya autonomous mobility solutions have been first to market and first to on-road service in real conditions. The Autonom® Shuttle, main development platform, is dedicated to passenger transport. Since its launch, more than 180 units have been sold in 23 countries, as of 31 December, 2020. The Autonom® Tract is designed for goods transport.
The next generation of level 4 autonomous mobility solutions:
Powered by REE, Driven by Navya, the co-developed next generation level 4 autonomous system will be designed as a high standard, state of the art autonomous mobility solution with key competitive advantages considering quality, cost and performance. Safety first principles will be implemented based on very high Safety requirements with regards to ISO 26262:2018 and ISO/PAS 21448:2019.
Daniel Barel, Co-Founder and CEO of REE Automotive, comments: “The combination of our mutual expertise should enable game-changing autonomous mobility solutions that transport passengers and goods efficiently and cost-effectively while fully complying with rigorous safety standards. We are delighted to move forward on a partnership with Navya. This collaboration of REE’s corner technology aligns perfectly with Navya’s strategy of providing constant improvement for its autonomous driving solutions”.
Etienne Hermite, CEO of Navya,concludes: “We are very pleased to have signed this agreement with REE Automotive, which is a major player in automotive technology. This partnership is fully in line with Navya’s strategy of deploying level 4 autonomous driving systems with safe drive components (steering, braking, suspension, powertrain and control) into the arch of the wheels. This partnership will enhance unlocks fantastic opportunities to create multiple new level 4 autonomous form factors with the view to address different use cases “.
Created in 2014, Navya is a leading name specialized in the supply of autonomous driving systems and associated services. With 280 employees in France (Paris and Lyon), in the United States (Saline, Michigan) and in Singapore, Navya aims to become the leading player in level 4 autonomous driving systems for passenger and goods transport. Since 2015, Navya autonomous mobility solutions have been first to market and first to on-road service. The Autonom® Shuttle, main development platform, is dedicated to passenger transport. Since its launch, more than 180 units have been sold in 23 countries, as of 31 December, 2020. The Autonom® Tract is designed for goods transport. The Valeo and Keolis groups are among Navya’s historical shareholders. Navya is listed on the Euronext regulated market in Paris (ISIN code: FR0013018041- Navya). For more information visit: www.navya.tech/en
Marketing & Communication
Chief Strategy and Development
+33 (0)1 44 71 98 55
+33 (0)6 68 23 82 84
About REE Automotive
REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with their unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility.
For more information visit https://www.ree.auto
Chief Marketing Officer
This communication is being made in respect of the proposed transaction involving REE Automotive Ltd. (“REE”) and 10X Capital Venture Acquisition Corp (“10X SPAC”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the proposed transaction, REE has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form F-4 that includes a proxy statement of 10X SPAC in connection with 10X SPAC’s solicitation of proxies for the vote by 10X SPAC’s shareholders with respect to the proposed transaction and other matters as may be described in the registration statement. REE and 10X SPAC also plan to file other documents with the SEC regarding the proposed transaction and a proxy statement/prospectus will be mailed to holders of shares of 10X SPAC’s Class A ordinary shares. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about REE and 10X SPAC will be available without charge at the SEC’s Internet site (https://www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, when available, without charge, from REE’s website at https://ree.auto/. Copies of the proxy statement/prospectus can be obtained, when available, without charge, from 10X SPAC’s website https://www.10xspac.com/.
Participants in the Solicitations
REE, 10X SPAC and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from 10X SPAC’s shareholders in connection with the proposed transaction. You can find more information about 10X SPAC’s directors and executive officers in 10X SPAC’s final prospectus dated November 24, 2020 and filed with the SEC on November 25, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
Caution About Forward-Looking Statements
This communication includes forward-looking statements. These forward-looking statements are based on REE’s and 10X SPAC’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s and 10X SPAC’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for REE or 10X SPAC to predict these events or how they may affect REE or 10X SPAC. Except as required by law, neither REE nor 10X SPAC has any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date this communication is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s and 10X SPAC’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the ability to bring to market MEVs in accordance with the Strategic Collaboration Agreement and realize the other goals and targets described in this press release; the outcome of any legal proceedings that may be instituted against REE or 10X SPAC, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of 10X SPAC or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the ability to meet stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of 10X SPAC or REE as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; costs related to the business combination; changes in applicable laws or regulations; REE’s estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; intense competition in the e-mobility space, including with competitors who have significantly more resources; ability to grow and scale REE’s manufacturing capacity through new relationships with Tier 1 suppliers; ability to maintain relationships with current Tier 1 suppliers and strategic partners; ability to make continued investments in REE’s platform; the need to attract, train and retain highly-skilled technical workforce; the impact of the ongoing COVID-19 pandemic; changes in laws and regulations that impact REE; ability to enforce, protect and maintain intellectual property rights; and risks related to the fact that we are incorporated in Israel and governed by Israeli law; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in 10X SPAC’s final prospectus dated November 24, 2020 relating to its initial public offering and in subsequent filings with the SEC, and in the registration statement on Form F-4 relating to the business combination filed by REE on March 10, 2021.
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SOURCE REE Automotive
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