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Lion Electric Company (NYSE: LEV) announced the filing of a preliminary short form base shelf prospectus with securities regulators in Canada and the SEC for the U.S. This prospectus allows the Company to issue up to US$350 million in various securities over the next 25 months. Following the finalization of the prospectus, Lion intends to establish an 'at-the-market' (ATM) equity program for issuing up to US$125 million in common shares. No securities distribution is currently ongoing, and the ATM program's establishment is subject to market conditions.
The Lion Electric Company (NYSE: LEV) has been recognized in Corporate Knights' inaugural ranking of the 50 fastest-growing sustainable companies in Canada, achieving 9th place for 2021. CEO Marc Bedard emphasized the company's commitment to creating climate-friendly electric vehicles, reflecting its strategy for growth in a clean economy. Lion Electric is noted for manufacturing zero-emission vehicles, including urban trucks and buses. The company is also investing in its U.S. manufacturing facility and Quebec battery plant, which are vital for its future expansion.
The Lion Electric Company (NYSE: LEV) participated in the launch of the EPA's $5 billion Clean School Bus Program alongside Vice President Kamala Harris. The program, aimed at enhancing zero-emission student transportation, will offer funding of up to $375,000 per bus. Lion Electric, recognized for its all-electric school buses, will support customers in applying for these funds. The announcement emphasizes Lion's leadership in the electric school bus market and its manufacturing facility in Joliet, Illinois, which will produce up to 20,000 vehicles annually.
The Lion Electric Company (NYSE: LEV) announced its participation in three upcoming investor conferences, enhancing visibility within the investment community. The conferences include the UBS Global Truck, Commercial Vehicle and Powertrain Conference on May 25, 2022, NBF 12th Annual Quebec Conference in Toronto on June 9, 2022, and the Credit Suisse 2022 Mobility Forum on June 21, 2022. These events focus on the company’s all-electric urban vehicle offerings, which position Lion as a leader in zero-emission transportation.
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The Lion Electric Company (NYSE: LEV) held its annual shareholder meeting on May 6, 2022, with 58% of shares represented. All proposals, including the election of eight directors, were approved. Notably, Ann Payne was elected as a new board member, praised for her financial expertise. Raymond Chabot Grant Thornton LLP was appointed as independent auditors, receiving 99.78% approval from shareholders. This meeting reflects shareholder confidence as the company continues to focus on its all-electric vehicle manufacturing, aimed at sustainable urban transport.
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Lion Electric Company (NYSE: LEV) participated in a roundtable with U.S. Secretary of Transportation Pete Buttigieg on May 4, 2022, discussing investment opportunities in electric vehicles. The discussion highlighted the company's leadership in manufacturing zero-emission vehicles, particularly electric school buses and trucks. Buttigieg emphasized the importance of infrastructure funding, mentioning the $5 billion allocated for clean school buses over five years. The meeting underscored the federal government’s commitment to enhancing charging infrastructure and advancing electric vehicle adoption.
The Lion Electric Company (NYSE: LEV) reported strong Q1 2022 results, delivering 84 vehicles and generating revenue of $22.6 million, up from $6.2 million a year earlier. This quarter marked a net income of $2.1 million, a significant turnaround from a $16.1 million loss in Q1 2021, aided by a $21.5 million gain from share warrant obligations. However, the company faced a gross loss of $0.9 million and an adjusted EBITDA of -$11.3 million, indicating ongoing operational challenges.
Lion holds a robust order book of 2,422 vehicles valued at approximately $600 million.
Lion Electric Company (NYSE: LEV) announced plans to assist customers in securing funding from the $500 million first tranche of the U.S. EPA's $5 billion Clean School Bus Program. This federal initiative aims to deploy zero-emission school buses, offering up to $375,000 in funding per bus for priority districts. With a planned manufacturing capacity of 20,000 vehicles annually, Lion aims to leverage this program to promote electric school transportation, improving air quality and reducing costs for school districts.