Lion Electric (LEV) said Wednesday it is seeking creditor protection in the US and Canada, as well as approval of a formal sale and investment solicitation process.
The company said it wants a stay of proceedings, including a stay of creditor claims and exercise of contractual rights. It also said it is looking to receive authorization of interim debtor-in-possession financing provided by the lenders under Lion Electric's senior revolving credit agreement.
Shares of Lion Electric were down more than 3% in recent premarket activity.
Price: 0.24, Change: -0.01, Percent Change: -3.92
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