Lion Electric Establishes Cross-border US$125 Million Atm Equity Program

The Lion Electric Company announced on June 17 that it has established an "at-the-market" equity program.

The program allows the Company to issue and sell, from time to time through a syndicate of agents, newly issued common shares of the Company having an aggregate sale price of up to US$125 million (or the Canadian dollar equivalent), at the Company's discretion.

In connection with the establishment of the ATM Program, the Company entered into an Equity Distribution Agreement with Barclays Capital Inc., National Bank of Canada Financial Inc., BMO Capital Markets Corp., Desjardins Securities International Inc., Roth Capital Partners, LLC, Laurentian Capital USA, Raymond James (USA) Ltd., Scotia Capital (USA) Inc., and Barclays Capital Canada Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., Roth Canada Inc., Laurentian Bank Securities Inc., Raymond James Ltd. and Scotia Capital Inc.

Sales of Common Shares under the ATM Program will be made at the market prices prevailing at the time of sale, and are anticipated to be made in transactions that are deemed to be "at-the-market distributions".

The Company intends to use the net proceeds from any sales of Common Shares under the ATM Program to strengthen its financial position, and allow it to continue to pursue its growth strategy, including the Company's capacity expansion projects in Joliet, Illinois and Mirabel, Quebec.