Lion Electric to sell Quebec facility to Aéroport de Montreal

The Lion Electric Company, a manufacturer of all-electric medium and heavy-duty urban vehicles, has reached a definitive agreement with Aéroport de Montreal to sell its innovation centre facility located in Mirabel, Québec, for a purchase price of C$50,000,000, subject to customary purchase price adjustments and closing conditions.

All of the net proceeds from the transaction are reportedly intended to be used towards the partial repayment of the company’s senior secured non-convertible debt issued in July 2023, holders of which currently benefit from a first-ranking hypothec over the immovable/real rights related to the innovation center facility. As a result, while the transaction is expected to reduce the company’s long-term indebtedness, it will not impact the company’s short-term liquidity and cash position.

Closing of the transaction is expected to occur before the end of 2024, subject to the satisfaction of customary closing conditions.

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