Exercise of options and sale of common shares by the CEO
MONTREAL, August 20, 2021 / CNW Telbec / – The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion”) today announced that Marc Bedard, CEO and Founder, exercised stock 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 the Toronto Stock Exchange. New York through an investment broker.
Mr. Bedard expects to use the net proceeds from the sale of the common shares primarily for the repayment of personal debts incurred in connection with previous investments in the shares of Lion. The common shares sold have no impact on the total number of common shares held by 9368-2672 Québec inc., Of which Mr. Bédard controls, directly and indirectly, the majority of the voting shares. Following the sale, 9368-2672 Québec Inc. still holds 27,558,653 or 14.6% of the issued and outstanding common shares of Lion, while Mr. Bédard personally holds 2,956,375 options.
As previously noted in the registration statement on Form F-1 filed with the Securities and Exchange Commission and declared effective on June 14, 2021, Mr. Bédard, who is subject to a 180-day lock-up agreement following the closing of the transaction, was authorized during the restriction period to transfer and sell a maximum of 1,000,000 common shares, representing less than 4% of the total number of Lions common shares held by 9368-2672 Québec inc. The announced sale of 900,000 shares is made within the framework of this right, which Mr. Bédard does not intend to exercise in full.
ABOUT ELECTRIC LION
Electric lion is an innovative manufacturer of zero emission vehicles. The company designs, designs and manufactures all-electric class 5 to 8 urban commercial trucks as well as all-electric buses and minibuses for the school, paratransit and public transit segments. Lion is a North American leader in electric transportation and designs, manufactures and assembles many components of its vehicles, including chassis, battery packs, truck cabs and bus bodies.
Always on the active search for new and reliable technologies, Lion vehicles have unique characteristics specifically adapted to its users and their daily needs. Lion believes the transition to all-electric vehicles will lead to major improvements in our society, our environment, and our overall quality of life. Lion shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.
ATTENTION 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. All statements 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 can be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should “,” Should “,” could “,” plan “,” project “,” potential “,” seem “,” seek “,” the future “,” objective “or other similar expressions and any other statement which predicts or indicates future events or trends or which are not statements about historical matters, although not all forward-looking statements contain such identifying words.
The company has made a number of economic, market and operational estimates and assumptions in the preparation and formulation of certain forward-looking statements contained in this press release. These estimates and assumptions are made by Lion in light of management’s experience and their perception of historical trends, current conditions and expected future developments, as well as other factors considered appropriate and reasonable in the circumstances. However, there can be no assurance that these estimates and assumptions will prove to be correct. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances which may or may not occur in the future. Lion believes that these risks and uncertainties include, without limitation, the risks and uncertainties relating to Lion’s business 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 in force on June 14, 2021 and other documents publicly filed with the AMF and the SEC. Many of these risks are beyond the ability of Lion’s management to control or predict. All forward-looking statements attributable to Lion or to persons acting on Lion’s behalf are expressly qualified in their entirety by the cautionary statements contained and the risk factors identified in the Canadian prospectus, registration statement and other documents filed with of the AMF and the SEC.
Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. In addition, forward-looking statements speak only as of the date on which they are made. Except as required by applicable securities laws, Lion assumes no obligation, and expressly disclaims any obligation, to update, revise or revise any forward-looking information, whether as a result of new information, events future or otherwise.
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SOURCE Lion Electric
View original content: http://www.newswire.ca/en/releases/archive/August2021/20/c6607.html