The Lion Electric (LEV) Company announced that it has reached a definitive agreement with Aeroport de Montreal to sell its innovation center facility located in Mirabel, Quebec, for a purchase price of C$50M, subject to customary purchase price adjustments and closing conditions. All of the net proceeds from the transaction are intended to be used towards the partial repayment of the company’s senior secured non-convertible debentures issued in July 2023, holders of which currently benefit from a first ranking hypothec over the immovable/real rights related to the innovation center facility. As a result, while the transaction is expected to reduce the company’s long-term indebtedness, it will not impact the company’s short term liquidity and cash position. Closing of the transaction is expected to occur before the end of 2024, subject to the satisfaction of customary closing conditions.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on LEV:
- Lion Electric Restructures Finances and Workforce
- Lion Electric approaches creditor deadline, Bloomberg reports
- Lion Electric Faces NYSE Delisting of Warrants
- Lion Electric Faces Financial Challenges Amid Credit Amendments
- Lion Electric Faces Financial Challenges Amid Revenue Drop
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
