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LION ELECTRIC ESTABLISHES CROSS-BORDER US$125,000,000 ATM EQUITY PROGRAM

MONTREAL, June 17, 2022 /PRNewswire/ – The Lion Electrical Firm (NYSE: LEV) (TSX: LEV) (“Lion” or the “Firm”), a number one producer of all-electric medium and heavy-duty city autos, right this moment introduced that it has established an “at-the-market” fairness program (the “ATM Program“) that enables the Firm to challenge and promote, every so often by way of a syndicate of brokers, newly issued widespread shares of the Firm (“Widespread Shares“) having an mixture sale worth of as much as US$125 million (or the Canadian greenback equal), on the Firm’s discretion.

In reference to the institution of the ATM Program, the Firm entered into an Fairness Distribution Settlement (the “Fairness Distribution Settlement“) with Barclays Capital Inc., Nationwide Financial institution of Canada Monetary Inc., BMO Capital Markets Corp., Desjardins Securities Worldwide Inc., Roth Capital Companions, LLC, Laurentian Capital USA, Raymond James (USA) Ltd., Scotia Capital (USA) Inc. (collectively, the “U.S. Brokers“), and Barclays Capital Canada Inc., Nationwide Financial institution Monetary Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., Roth Canada Inc., Laurentian Financial institution Securities Inc., Raymond James Ltd. and Scotia Capital Inc. (along with the U.S. Brokers, the “Brokers“).

Gross sales of Widespread Shares, if any, beneath the ATM Program can be made on the market costs prevailing on the time of sale, and are anticipated to be made in transactions which are deemed to be “at-the-market distributions” as outlined in Nationwide Instrument 44-102 – Shelf Distributions, together with gross sales made straight on the New York Inventory Trade or the Toronto Inventory Trade, any “market” (as such time period is outlined in Nationwide Instrument 21-101 – Market Operation), every other current buying and selling marketplace for the Widespread Shares in the US, by every other technique permitted by regulation deemed to be an “at-the-market providing” as outlined in Rule 415(a)(4) beneath the U.S. Securities Act of 1933, as amended, and/or every other technique pursuant to relevant regulation or as in any other case agreed between the Brokers and the Firm.

The Firm intends to make use of the online proceeds from any gross sales of Widespread Shares beneath the ATM Program to strengthen its monetary place, and permit it to proceed to pursue its development technique, together with the Firm’s capability enlargement initiatives in Joliet, Illinois and Mirabel, Quebec.

The Firm shouldn’t be obligated to make any gross sales of Widespread Shares beneath the Fairness Distribution Settlement. As Widespread Shares offered pursuant to the ATM Program can be issued and offered on the market costs prevailing on the time of sale, costs could fluctuate amongst purchasers throughout the interval of distribution. The providing of Widespread Shares pursuant to the Fairness Distribution Settlement will terminate upon the sooner of (a) the sale of all the Widespread Shares topic to the Fairness Distribution Settlement, (b) the termination of the Fairness Distribution Settlement by the Brokers or the Firm, as permitted therein, or (c) July 16, 2024.

The ATM Program is being made pursuant to a prospectus complement (the “Canadian Prospectus Complement“) to the Firm’s quick type base shelf prospectus dated June 17, 2022 (the “Base Shelf Prospectus“), and pursuant to a U.S. prospectus complement (the “US Prospectus Complement“) to the Firm’s U.S. quick type base shelf prospectus (the “US Base Shelf Prospectus“) included in its registration assertion on Kind F-10, as amended on June 17, 2022 (the “Registration Assertion“) filed with the US Securities and Trade Fee (the “SEC“) on June 15, 2022. The Base Shelf Prospectus and the Canadian Prospectus Complement have been filed with the securities commissions in all provinces and territories of Canada, and the Registration Assertion (together with the US Base Shelf Prospectus) and the US Prospectus Complement have been filed with the SEC. Copies of the Fairness Distribution Settlement, the Base Shelf Prospectus and the Canadian Prospectus Complement can be found on SEDAR at www.sedar.com, and copies of the Fairness Distribution Settlement, the Registration Assertion (together with the US Base Shelf Prospectus) and the US Prospectus Complement can be found on EDGAR at www.sec.gov. Alternatively, the Brokers will ship copies of any of the foregoing paperwork upon request by contacting (i) in Canada and the U.S. – Barclays Capital Canada Inc. and Barclays Capital Inc., c/o Broadridge Monetary Options, 1155 Lengthy Island Avenue, Edgewood, NY 11717, Barclaysprospectus@broadridge.com, (888) 603-5847; (ii) in Canada – Nationwide Financial institution Monetary Inc., The Trade Tower, 130 King St. W., 4th Flooring Podium, Toronto, ON M5X 1L9, Gavin.brancato@nbc.ca, (416) 869-3707; and (iii) within the U.S. – Nationwide Financial institution of Canada Monetary Inc., 65 East fifty fifth Road, eighth Flooring, New York, NY 10022, Gavin.brancato@nbc.ca, (212) 632-8500.

This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase, nor shall there be any sale of those securities in any province, state or jurisdiction through which such supply, solicitation or sale can be illegal previous to the registration or qualification beneath the securities legal guidelines of any such province, state or jurisdiction.

ABOUT LION ELECTRIC

Lion Electrical is an progressive producer of zero-emission autos. The corporate creates, designs and manufactures all-electric class 5 to class 8 business city vans and all-electric buses and minibuses for the college, paratransit and mass transit segments. Lion is a North American chief in electrical transportation and designs, builds and assembles lots of its autos’ parts, together with chassis, battery packs, truck cabins and bus our bodies.

All the time actively looking for new and dependable applied sciences, Lion autos have distinctive options which are particularly tailored to its customers and their on a regular basis wants. Lion believes that transitioning to all-electric autos will result in main enhancements in our society, surroundings and general high quality of life. Lion shares are traded on the New York Inventory Trade and the Toronto Inventory Trade beneath the image LEV.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press launch comprises “forward-looking info” and “forward-looking statements” (collectively, “forward-looking statements”) throughout the that means of relevant Canadian and United States securities legal guidelines, together with the Non-public Securities Litigation Reform Act of 1995. Any statements contained on this press launch that aren’t statements of historic truth, together with statements about Lion’s beliefs and expectations regarding the supply and sale of Widespread Shares beneath the ATM Program, are forward-looking statements and ought to be evaluated as such.

Ahead-looking statements could also be recognized by means of phrases corresponding to “imagine,” “could,” “will,” “proceed,” “anticipate,” “intend,” “anticipate,” “ought to,” “would,” “may,” “plan,” “undertaking,” “potential,” “appear,” “search,” “future,” “goal” or different comparable expressions and every other statements that predict or point out future occasions or developments or that aren’t statements of historic issues, though not all forward-looking statements comprise such figuring out phrases. These forward-looking statements embrace statements concerning the supply and sale of Widespread Shares beneath the ATM Program, together with the timing and quantities thereof, and the usage of any proceeds from the ATM Program.

By their nature, forward-looking statements contain dangers and uncertainties as a result of they relate to occasions and rely on circumstances that will or could not happen sooner or later. Such dangers and uncertainties are described in better element within the Canadian Prospectus Complement, the US Prospectus Complement and part 23.0 entitled “Threat Elements” of the Firm’s annual MD&A for the fiscal 12 months 2021. Many of those dangers are past Lion’s administration’s capability to manage or predict. All forward-looking statements included on this press launch are expressly certified of their entirety by the cautionary statements contained herein and the danger components included within the Canadian Prospectus Complement, the US Prospectus Complement, the Firm’s annual MD&A for the fiscal 12 months 2021 and in different paperwork filed with the relevant Canadian regulatory securities authorities and the SEC.

Due to these dangers, uncertainties and assumptions, readers mustn’t place undue reliance on these forward-looking statements. Moreover, forward-looking statements converse solely as of the date they’re made. Besides as required beneath relevant securities legal guidelines, Lion undertakes no obligation, and expressly disclaims any responsibility, to replace, revise or assessment any forward-looking info, whether or not because of new info, future occasions or in any other case.

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SOURCE Lion Electrical

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