The Lion Electric Company, a leading manufacturer of all-electric medium and heavy-duty urban vehicles, 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.