Lion Electric agrees to sell innovation center facility to Aeroport de Montreal

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.