LION ELECTRIC OBTAINS CREDITOR PROTECTION UNDER CCAA

Core Viewpoint - The Lion Electric Company has initiated restructuring under the Companies' Creditors Arrangement Act (CCAA) due to financial difficulties, with plans to seek recognition of these proceedings in the United States under Chapter 15 of the Bankruptcy Code [1][2]. Group 1: CCAA Proceedings - The Superior Court of Quebec has granted an initial order for the Company and its subsidiaries to receive protection under the CCAA, appointing Deloitte Restructuring Inc. as the Monitor to assist in the restructuring efforts [1][2]. - The Court has approved a sale and investment solicitation process (SISP) to allow interested parties to submit proposals, aiming to determine the best available transaction for the Company and its stakeholders [2]. - The Initial Order includes a stay of proceedings, halting creditor claims and contractual rights, and approves debtor-in-possession financing (DIP Financing) to support operations during the restructuring [2][3]. Group 2: Company Operations - While under CCAA protection, the management of the Company will continue to oversee day-to-day operations with the Monitor's oversight, and the Company will maintain support for its customers regarding the servicing of school buses and trucks [3]. - The Company is recognized as a leading manufacturer of all-electric medium and heavy-duty urban vehicles, focusing on zero-emission vehicles, including electric school buses [6][7]. Group 3: Trading and Market Impact - Trading of the Company's common shares on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) has been suspended, with the TSX initiating a delisting review and the NYSE commencing delisting proceedings [5].