Lion Electric Prices Public Offering Of 19.7 Mln Units At $2.54/unit

(RTTNews) - Lion Electric Co. (LEV, LEV.TO), a maker of all-electric medium and heavy-duty urban vehicles, on Tuesday said it has priced its previously announced marketed public offering of 19.685 million units at $2.54 per unit for gross proceeds of around $50 million in the U.S. and Canada.

Each unit will include one unit share and share purchase warrant. Each warrant will entitle the holder to acquire single share for $2.80 per warrant share for a period of five years following the closing of the offering, which is expected on or about December 16.

LEV has granted the underwriters an over-allotment option, exercisable for a period of 30 days from the closing of the offering, to purchase up to 2.952 million additional units for $2.54 per unit. The company intends to use the net proceeds from the offering to boost its financial position, as well as to support its growth that includes capacity expansion projects in Joliet, Illinois and Mirabel, Québec.