Lion Establishes $125 Million ATM Common Share Program Under MJDS

June 17, 2022

Cleary Gottlieb acted as U.S. counsel to The Lion Electric Company (Lion), an NYSE/TSX dual-listed Canadian company, in establishing a $125 million at-the-market (ATM) common share program under the multijurisdictional disclosure system (MJDS) adopted in the United States and Canada.

The sales agents under the program are Barclays Capital Inc., Barclays Capital Canada Inc., National Bank Financial Inc., National Bank of Canada Financial Inc., BMO Capital Markets Corp., BMO Nesbitt Burns Inc., Desjardins Securities International Inc., Desjardins Securities Inc., Roth Capital Partners LLC, Roth Canada Inc., Laurentian Capital USA, Laurentian Bank Securities Inc., Raymond James (USA) Ltd., Raymond James Ltd., Scotia Capital (USA) Inc., and Scotia Capital Inc.

Under the program, Lion may sell common shares from time to time on the NYSE and the TSX, to the sales agents acting as principals, or otherwise. The program launched on June 17, 2022.

Lion 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.