Marc Bedard reports EXERCISE OF OPTIONS...
Lion Electric CEO Bedard exercises option, sells 900K shares
2021-08-20 17:31 ET - News Release
Mr. Marc Bedard reports
EXERCISE OF OPTIONS AND SALE OF COMMON SHARES BY CEO - FOUNDER
The Lion Electric Company chief executive officer and founder Marc Bedard has exercised share 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 New York Stock Exchange through the facilities of an investment dealer.
Mr. Bedard plans to use the net proceeds from the sale of the common shares primarily for the repayment of personal indebtedness incurred in connection with prior investments in Lion's shares. The common shares sold have no impact on the total number of common shares held by 9368-2672 Quebec Inc., of which Mr. Bedard has control over, directly and indirectly, a majority of the voting shares. Following the sale, 9368-2672 Quebec Inc. still holds 27,558,653 or 14.6 per cent of Lion's common shares issued and outstanding, while Mr. Bedard personally holds 2,956,375 options.
As previously disclosed in the registration statement on Form F-1 filed with the Securities and Exchange Commission and declared effective on June 14, 2021, Mr. Bedard, who is subject to a 180 days lock-up agreement following close of the transaction, was allowed during the restricted period to transfer and sell a maximum of one million common shares, representing less than 4 per cent of the total number of Lion common shares held by 9368-2672 Quebec Inc. The announced sale of 900,000 shares is done as part of this entitlement, which Mr. Bedard does not plan on exercising in full.