Lion Electric Company to trade on TSX May 7 2021-05-05 20:55 ET - New Listing
The Toronto Stock Exchange reports that The Lion Electric Company will be listed at 5:01 p.m. on May 6, 2021, in anticipation of the closing of a business combination, closing of a financing and obtaining the receipt of the Autorite des marches financiers (AMF) for the non-offering prospectus of the company. According to the TSX, subject to the above transactions becoming effective on May 6, 2021, the company will begin trading at the open on May 7, 2021. There will be 188,497,602 common shares and 27,111,741 warrants of the company issued and outstanding, and 81,311,504 shares reserved for issuance. The shares will trade under the symbol LEV, in Canadian dollars and under Cusip No. 536221 10 4, and the warrants will trade under the symbol LEV.WT, in Canadian dollars and under Cusip No. 536221 11 2.
The TSX reports that the company, Lion Electric Merger Sub Inc. and Northern Genesis Acquisition Corp. (NGA) entered into a business combination agreement and plan of reorganization on Nov. 30, 2020, pursuant to which Lion Electric Merger Sub will merge with and into NGA through a statutory merger, with NGA surviving the merger as a wholly owned subsidiary of the company. Also on Nov. 30, 2020, the company entered into subscription agreements for the offering, on a private placement basis, of 20,040,200 common shares at a purchase price of $10 (U.S.) per common share for $200,402,000 (U.S.). The closing of the financing is contingent upon, among other customary closing conditions, the concurrent consummation of the business combination.
According to the TSX, the company is a manufacturer of zero-emission vehicles. It 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. The company designs, builds and assembles all of the components of its vehicles, including chassis, battery packs, truck cabins and bus bodies. It does not expect to declare any cash dividends on its common shares in the foreseeable future.
The TSX reports that the company's common shares and warrants will also be listed on the New York Stock Exchange under the symbols LEV and LEV.WS, respectively. According to the TSX, each whole warrant of the company will entitle its holder to purchase one common share of the company at $11.50 (U.S.) per share and will become exercisable 30 days following the completion of the business combination. The warrants will expire at 5 p.m. New York time on May 6, 2026, namely the day that is five years after the completion of the business combination.
According to the TSX, the company will have the option to redeem the warrants at one U.S. cent per warrant, provided that the last sales price of the common shares equals or exceeds $18 (U.S.) per common share on each of the 20 trading days within any 30-trading-day period commencing after the warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given by the company.
For more information, see the registration statement on Form F-4, which was declared effective March 24, 2021, and is available on SEDAR. The company's Canadian prospectus is expected to be dated May 6, 2021, and will be available on SEDAR.