Net proceeds to be used towards partial
repayment of the Company's senior secured non-convertible
debentures issued
in July 2023
MONTREAL, Dec. 5, 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 it has
reached a definitive agreement with Aéroport de Montreal to sell its innovation center
facility located in Mirabel,
Québec, for a purchase price of C$50,000,000, subject to customary purchase price
adjustments and closing conditions.
All of the net proceeds from the transaction are intended to be
used towards the partial repayment of the Company's senior secured
non-convertible debentures issued in July
2023, holders of which currently benefit from a first
ranking hypothec over the immovable/real rights related to the
innovation center facility. As a result, while the transaction is
expected to reduce the Company's long-term indebtedness, it will
not impact the Company's short term liquidity and cash
position.
Closing of the transaction is expected to occur before the end
of 2024, subject to the satisfaction of customary closing
conditions.
ABOUT LION ELECTRIC
Lion Electric is an innovative manufacturer
of zero-emission vehicles, including all electric school
buses. Lion 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
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment and overall quality of life. Lion shares are
traded on the New York Stock Exchange and the Toronto Stock
Exchange under the symbol LEV.
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 regarding the
transaction, the satisfaction of applicable closing conditions and
the expected timing to closing, 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.
See section 2.0 of the Company's interim management's discussion
and analysis for the three and nine months ended September 30, 2024 (the "Interim MD&A"),
entitled "Basis of Presentation," section 15.0 of the Company's
Interim MD&A entitled "Liquidity and Capital Resources," and
note 2 of the Company's unaudited condensed interim consolidated
financial statements as at September 30,
2024 and for the three and nine months ended September 30, 2024 and 2023 which indicate the
existence of material uncertainty that may cast significant doubt
on the Company's ability to continue as a going concern.
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SOURCE The Lion Electric Co.