MONTREAL, Nov. 20,
2024 /PRNewswire/ - The Lion Electric Company
(NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading
manufacturer of all-electric medium and heavy-duty urban vehicles,
announced today that the staff of NYSE Regulation of the New York
Stock Exchange ("NYSE") has determined to commence proceedings to
delist the Company's warrants with an expiration date of
May 6, 2026 — ticker symbol LEV.WS —
to purchase common shares of the Company from the NYSE. Trading in
the warrants was suspended immediately. Trading in the Company's
common shares — ticker symbol LEV — and another series of warrants
with an expiration date of December 15,
2027 – ticker symbol LEV.WS.A – will continue on the
NYSE.
NYSE Regulation has determined that the warrants are no longer
suitable for listing based on "abnormally low selling price"
levels, pursuant to Section 802.01D of the NYSE Listed Company
Manual.
The Company is considering whether it will require a review of
this determination by a Committee of the Board of Directors of the
NYSE. The NYSE will apply to the Securities and Exchange Commission
to delist the warrants upon completion of all applicable
procedures, including any appeal by the Company of the NYSE
Regulation staff's decision.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws and within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
"forward-looking statements"), including statements about Lion's
beliefs and expectations and other statements that are not
statements of historical facts. Forward-looking statements may be
identified by the use of words such as "believe," "may," "will,"
"continue," "anticipate," "intend," "expect," "should," "would,"
"could," "plan," "project," "potential," "seem," "seek," "future,"
"target" or other similar expressions and any other statements that
predict or indicate future events or trends or that are not
statements of historical matters, although not all forward-looking
statements may contain such identifying words. The forward-looking
statements contained in this press release are based on a number of
estimates and assumptions that Lion believes are reasonable when
made. Such estimates and assumptions are made by Lion in light of
the experience of management and their perception of historical
trends, current conditions and expected future developments, as
well as other factors believed to be appropriate and reasonable in
the circumstances. However, there can be no assurance that such
estimates and assumptions will prove to be correct. By their
nature, forward-looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that may
or may not occur in the future. For additional information on
estimates, assumptions, risks and uncertainties underlying certain
of the forward-looking statements made in this press release,
please consult section 23.0 entitled "Risk Factors" of the
Company's annual management's discussion and analysis of financial
condition and results of operations (MD&A) for the fiscal year
2023 and in other documents filed with the applicable Canadian
regulatory securities authorities and the Securities and Exchange
Commission, including the Company's interim MD&As. Many of
these risks are beyond Lion's management's ability to control or
predict. All forward-looking statements attributable to Lion or
persons acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained and risk factors
identified in the Company's annual MD&A for the fiscal year
2023 and in other documents filed with the applicable Canadian
regulatory securities authorities and the Securities and Exchange
Commission. Because of these risks, uncertainties and assumptions,
readers should not place undue reliance on these forward-looking
statements. Furthermore, forward-looking statements speak only as
of the date they are made. Except as required under applicable
securities laws, Lion undertakes no obligation, and expressly
disclaims any duty, to update, revise or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
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SOURCE The Lion Electric Co.