Lion Electric closes $50-million (U.S.) unit offering
2022-12-16 19:46 ET - News Release
Mr. Nicolas Brunet reports
LION ELECTRIC CLOSES PREVIOUSLY ANNOUNCED MARKETED PUBLIC OFFERING OF UNITS
The Lion Electric Company has closed its previously announced marketed public offering of units in the United States and Canada. The company issued 19,685,040 units at a price of $2.54 (U.S.) per unit for aggregate gross proceeds to the company of approximately $50-million (U.S.).
Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share in the capital of the company at an exercise price of $2.80 (U.S.) per warrant share for a period of five years following the closing of the offering.
The company is also pleased to announce that it has received approval to list the warrants on the New York Stock Exchange and the Toronto Stock Exchange. The warrants commenced trading under the ticker symbol LEV.WT.A on the TSX on Dec. 16, 2022, following closing of the offering, and are expected to commence trading on the NYSE under the symbol LEV WSA on or about Dec. 21, 2022.
B. Riley Securities Inc. and National Bank Financial Inc. acted as joint bookrunners for the offering.
Under the terms of the underwriting agreement, the company has granted the underwriters an overallotment option, exercisable for a period of 30 days from the date of the closing of the offering, to purchase up to 2,952,755 additional units at a price of $2.54 (U.S.) per unit, representing in the aggregate 15 per cent of the total number of units sold pursuant to the offering.
Power Sustainable Capital Inc., through its wholly owned subsidiary Power Energy Corp., purchased 9,842,519 units at the offering price, representing an aggregate purchase price of approximately $25-million (U.S.).
The company intends to use the net proceeds of the offering to strengthen its financial position and allow it to continue to pursue its growth strategy, including the company's capacity expansion projects in Joliet, Ill., and Mirabel, Que.
About The Lion Electric Company
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric Class 5 to Class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion Electric is a North American leader in electric transportation, and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion Electric vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion Electric believes that transitioning to all-electric vehicles will lead to major improvements in society, the environment and overall quality of life. Lion Electric shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.
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