LION ELECTRIC ANNOUNCES FURTHER WORKFORCE REDUCTION IN THE CONTEXT OF ONGOING CCAA PROCEEDINGS

Company Overview - The Lion Electric Company is a manufacturer of zero-emission vehicles, including all-electric school buses, and is a leader in electric transportation in North America [4] - The company designs, builds, and assembles many components of its vehicles, such as chassis, battery packs, truck cabins, and bus bodies [4] Workforce Reduction - The company announced a temporary layoff of approximately 150 employees across all departments in Canada and the United States [1] - Following this reduction, Lion will retain about 160 employees focused on customer maintenance and servicing of school buses and trucks [1] Restructuring Process - The workforce reduction is part of the company's ongoing proceedings under the Companies' Creditors Arrangement Act (CCAA) [2] - The Superior Court of Quebec granted the company protection under the CCAA and approved a sale and investment solicitation process (SISP) for its business or assets [3]