MONTREAL, Aug. 20, 2021 /PRNewswire/ - The Lion Electric
Company (NYSE: LEV) (TSX: LEV) ("Lion") announced today that
Marc Bedard, CEO – Founder, has
exercised share options granted in 2017, resulting in the
acquisition of 900,000 common shares of Lion, and sold these shares
on the Toronto Stock Exchange and New York Stock Exchange through
the facilities of an investment dealer.
Mr. Bedard plans to use the net proceeds from the sale of the
common shares primarily for the repayment of personal indebtedness
incurred in connection with prior investments in Lion's shares. The
common shares sold have no impact on the total number of common
shares held by 9368-2672 Quebec Inc., of which Mr. Bedard has
control over, directly and indirectly, a majority of the voting
shares. Following the sale, 9368-2672 Quebec Inc. still holds
27,558,653 or 14.6% of Lion's common shares issued and outstanding,
while Mr. Bedard personally holds 2,956,375 options.
As previously disclosed in the Registration statement on Form
F-1 filed with the Securities and Exchange Commission and declared
effective on June 14, 2021, Mr.
Bedard, who is subject to a 180 days lock-up agreement following
close of the transaction, was allowed during the restricted period
to transfer and sell a maximum of 1,000,000 common shares,
representing less than 4% of the total number of Lion common shares
held by 9368-2672 Quebec Inc. The announced sale of 900,000 shares
is done as part of this entitlement, which Mr. Bedard does not plan
on exercising in full.
ABOUT LION ELECTRIC
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.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements contained in this press release that are not statements
of historical fact, including statements about Lion's beliefs and
expectations, 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 identifying words.
The company made a number of economic, market and operational
estimates and assumptions in preparing and making certain
forward-looking statements contained in this press release. 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. Lion believes that these risks and
uncertainties include, but are not limited to the risks and
uncertainties related to the businesses of Lion described in the
section entitled "Risk Factors" in the company's final prospectus
dated May 5, 2021 (the "Canadian
Prospectus") filed with the Autorité des marchés financiers (the
"AMF") and the registration statement on Form F-1 (the
"Registration Statement") filed with the Securities and Exchange
Commission (the "SEC") and declared effective on June 14, 2021 and other documents publicly filed
with the AMF and the SEC. 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 Canadian Prospectus,
the Registration Statement and other documents filed with the AMF
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
or otherwise.
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SOURCE Lion Electric