- Lion currently intends to establish an
"at-the-market" equity program following issuance of a receipt for
the final Base Shelf Prospectus, subject to market
MONTREAL, June 15,
2022 /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,
today announced that it has filed a preliminary short form base
shelf prospectus (the "Base Shelf Prospectus") with the securities
regulatory authorities in all provinces and territories of
Canada and a corresponding
registration statement on Form F-10 (the "Registration Statement")
with the United States Securities and Exchange Commission (the
"SEC") under the U.S.-Canada
multijurisdictional disclosure system (MJDS).
The Base Shelf Prospectus, when made final, will allow
Lion and certain of its security holders to qualify the
distribution by way of prospectus of up to US$350,000,000 of common shares, preferred
shares, debt securities, warrants, subscription receipts, units, or
any combination thereof, during the 25-month period that the Base
Shelf Prospectus remains effective.
No distribution of securities under the Base Shelf
Prospectus and corresponding registration statement is currently
ongoing. Following the issuance of a receipt for the final Base
Shelf Prospectus, subject to market conditions, Lion currently
intends to file a prospectus supplement to establish an
"at-the-market" equity program ("ATM Program") that would allow the
Company to issue and sell up to US$125,000,000 of common shares of the Company
from treasury, from time to time, at the Company's discretion.
Consistent with ordinary market practices, sales under the ATM
Program would generally be made through agents in existing markets
and at prevailing market prices. There can be no assurance
as to whether or when the ATM Program may be established.
The specific terms of any offering under the Base Shelf
Prospectus and the Registration Statement will be established in a
prospectus supplement, which will be filed with the applicable
Canadian and U.S. securities regulatory authorities in connection
with any such offering.
The Registration Statement has been filed with the SEC but
has not yet become effective. Securities may not be sold nor may
offers to buy be accepted prior to the issuance of a receipt for
the final Base Shelf Prospectus and the time the Registration
Statement becomes effective. Copies of the preliminary Base Shelf
Prospectus and the Registration Statement are available at
www.sedar.com and www.sec.gov, respectively.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale
of any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
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 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.
This press release contains "forward-looking information"
and "forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable Canadian and
United States securities laws,
including the Private Securities Litigation Reform Act of 1995. Any
statements contained in this press release that are not statements
of historical fact, including statements about Lion's beliefs and
expectations and statements relating to the intended establishment
of an ATM program, are forward-looking statements and should be
evaluated as such.
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 contain such
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. Such risks
and uncertainties are described in greater detail in section 23.0
entitled "Risk Factors" of the Company's annual MD&A for the
fiscal year 2021. Many of these risks are beyond Lion's
management's ability to control or predict. All forward-looking
statements included in this press release are expressly qualified
in their entirety by the cautionary statements contained herein and
the risk factors included in the Company's annual MD&A for the
fiscal year 2021 and in other documents filed with the applicable
Canadian regulatory securities authorities and the SEC.
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
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SOURCE Lion Electric