Lion Electric Company’s $125 Million At-the-Market Common Share Program

Cleary acted as United States counsel to The Lion Electric Company on the transaction.

The Lion Electric Company, an NYSE/TSX dual-listed Canadian company, announced the establishing of a US$125 million at-the-market common share program under the multijurisdictional disclosure system 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, building and assembling many of its vehicles’ components, including chassis, battery packs, truck cabins, and bus bodies.

The Cleary corporate team included partners Craig Brod (Picture), John Kupiec, and Manuel Silva, and associates Guillaume Renaud, Travis Elliot, and Marissa Higdon. Partner Jason Factor, counsel Matthew Brigham, and associate Andrew Wasilick advised on tax matters.

Involved fees earner: Matthew Brigham – Cleary Gottlieb Steen & Hamilton; Craig Brod – Cleary Gottlieb Steen & Hamilton; Travis Elliott – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Marissa Higdon – Cleary Gottlieb Steen & Hamilton; John Kupiec – Cleary Gottlieb Steen & Hamilton; Guillaume Renaud – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Andrew Wasilick – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: The Lion Electric Company;