Due to “abnormally low levels of the sale price” of 24 US cents, the Regulations of the New York Stock Exchange (“NYSE”) “have determined that the warrants are no longer suitable for stock trading.”
“The NYSE Regulation staff of the NYSE has decided to initiate proceedings to delist from the NYSE the Company’s warrants with an expiration date of May 6, 2026,” the company said.
Last Monday, The Journal reported that Lion Electric, which is facing significant financial difficulties, revealed that it was considering putting itself up for sale.
At the beginning of November, a little over a year after lending $98M with Investissement Québec, the Fonds de solidarité FTQ and Fondaction, the Minister of the Economy, Christine Fréchette, said that she was ready to come out once again the checkbook to help Lion, provided that the private sector makes its contribution.
Among Lion’s significant shareholders are Power Sustainable (34.1%), Marc Bédard (11.5%) and Alexandre Taillefer’s XPND Capital firm (2.3%).
97.49% shot
Lion is “evaluating whether to request a review of this decision by the NYSE.”
Since its debut on the stock market, Lion’s rating in New York has fallen by 97.49%, to 24 cents US$.
Last July, The Journal highlighted that dissatisfied shareholders of Lion Électrique have filed a class action in New York in which they make very serious allegations against the company supported by our governments.
-Further details will follow.
Public aid to Lion Électrique
WE
• March 2020: $5M (debenture)
• July 2021: $50M (loan)
• July 2023: $46.3M (debenture)
Innovation Canada
• July 2021: $50M (loan)
FTQ Solidarity Fund
• July 2023: $25M (loan)
Investment Quebec
• 2021-2021: 18,9M$ (actions)
Caisse de dépôt et placement du Québec
• November 2022: $15M (credit facility)
Fondaction
• July 2023: $7.5M (loan)
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