MONTREAL, May 17, 2021 /CNW/ - The Lion Electric
Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading
manufacturer of all-electric medium and heavy-duty urban vehicles,
today announced its financial and operating results for the first
quarter of fiscal year 2021, which ended on March 31, 2021. All amounts are in U.S. dollars
except where otherwise indicated.
Q1 2021 HIGHLIGHTS
- Delivery of 24 vehicles, a significant increase as compared to
the 2 delivered in the same period last year.
- Revenue of $6.2 million, up
$5.0 million compared to $1.2 million in Q1 2020.
- Negative gross profit of $1.8
million, down $0.8 million as
compared to $1.1 million in Q1
2020.
- Administrative expenses of $6.3
million, up $5.5 million as
compared to Q1 2020.
- Selling expenses of $4.4 million,
up $2.8 million as compared to Q1
2020.
- Adjusted EBITDA1 of negative $5.9 million, compared to negative $3.0 million in 2020.
- Acquisition of intangible assets, which mainly consist of
research & development activities, amounted to $6.5 million, up $3.7
million as compared to $2.8
million in Q1 2020.
BUSINESS UPDATES
- Vehicle order book1 of 817 all-electric medium- and
heavy-duty urban vehicles as of May
14th, 2021, consisting of 209 trucks and 608
buses, representing a combined total order value of over
$225 million.
- LionEnergy order book1 of 76 charging stations as of
May 14th, 2021,
representing a combined total order value of over $800,000.
- Secured an order of 260 school buses from First Student, a
leading school bus operator on May 14,
2021, with deliveries expected to take place from the second
half of 2021 to the first half of 2023.
- Obtained initial truck orders from sizable fleet owners, such
as Pride Group, Ikea's logistics partners (Second Closet and Metro
Supply Chain Group), Sobeys, ConEdison and Heritage during and
after the end of the quarter.
- Delivery of the first 10 Lion6 trucks to Amazon completed
shortly after the end of the quarter.
- Significant progress in recruitment, with total company
headcount exceeding 650 employees as of the date hereof, along with
key strategic hires, as we look to accelerate and support long-term
growth.
- Significant progress on long-term strategy, including formal
announcement of the site selection for the U.S. manufacturing
facility and launch of the battery plant and innovation center
construction, including C$100 million
funding support towards construction costs.
- Successful debut as a publicly-traded company on both the NYSE
and the TSX, with net transaction proceeds resulting from the
related business combination transaction of approximately
$490 million.
- While the COVID-19 pandemic continues to impact Lion's
operations, its suppliers and its customers' ability to take
vehicle deliveries, numerous signs point to an upcoming market
recovery.
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|
|
1 See
"Non-IFRS Measures and Other Performance Metrics" section of this
press release.
|
"The last few months were pivotal for Lion, as we made the
transition from being a private to a publicly-listed company, which
provides us with capital to support our long-term strategy. I would
like to express my gratitude to everyone involved in our successful
public listing and extend a warm welcome to all our new
shareholders," commented Marc
Bedard, CEO – Founder of Lion. "On the operational front,
despite the continued impact of the COVID-19 pandemic, we were
able to post a positive performance for Q1 2021 as compared to
Q1 2020. In addition, our clients continue to show a high
level of satisfaction with our products and services. Not only have
we shown growth in revenues in Q1, but we have improved our order
book. With 7 types of purpose-built electric vehicles
available for purchase today and eight additional ones expected to
be available by the end of 2022, our focus is to accelerate our
growth and execute on our long-term strategy, including by
advancing our U.S. manufacturing facility and our battery plant
projects, continuing to build our order book, accelerating vehicle
deliveries and further strengthening our team. All these elements
are the foundation of our success," concluded Marc Bedard.
CHANGES TO THE BOARD OF DIRECTORS AND MANAGEMENT TEAM AND
UPDATE ON COMPANY HEADCOUNT
Board of Directors
Ian Robertson and Chris Jarratt, both co-founders and directors of
Norther Genesis Acquisition Corp. ("NGA"), joined Lion's newly
formed board of directors consisting of eight directors, including
six former Lion board members.
Management team
During and shortly after the end of the quarter, Lion
strengthened its management team, with the addition of Isabelle
Adjahi as VP, Investor Relations and Sustainable Development and
François Duquette as VP, Chief Legal Officer and Corporate
Secretary.
The Company also welcomed and announced the following
appointments:
- Brian S. Piern as Chief
Commercial Officer, effective June 7,
2021. In this newly created role, Mr. Piern will guide Lion
to the next level of its growth by expanding to new markets,
building on long-standing relationships with existing clients,
while developing new accounts and expanding market share. He is an
experienced executive leader with a demonstrated history of working
in the financial services, logistics, fleet and electrification
industries. Since January of 2019 Brian led the development of the
commercial team at XL Fleet, offering significant support to the
company's growth, merger and NYSE listing in late 2020. Prior to
this, he spent 13 years in the fleet industry, most recently with
Element Fleet Management and GE Capital Fleet, where he served as
Senior Vice President of Sales.
- Rocco Mezzatesta as Senior
Vice-president – Product development and Vehicle engineering. Mr.
Mezzatesta, who is tasked with product development as well as the
management of engineering projects, brings over 20 years of
engineering experience, mostly in the transportation industry for
companies such as Tesla, Ford, and Toyota.
- Vince Spadafora as Vice
President, Financial Reporting, effective May 17, 2021. In this newly created role, Mr.
Spadafora will oversee all aspects of financial reporting and
related compliance. Mr. Spadafora has over 15 years of experience
with public company financial reporting. He recently served as
Director, External Reporting & Accounting Policies at Gildan
Activewear Inc., a leading manufacturer of everyday basic apparel
listed on the NYSE and the TSX.
Company headcount
As of May 14, 2021, Lion had over
650 employees, of which over 200 were in its R&D
department.
SELECT EXPLANATIONS ON RESULTS OF OPERATIONS
Revenues
Revenues increased by $5.0
million, from $1.2 million for
the three-month period ended March 31,
2020, to $6.2 million for the
three-month period ended March 31,
2021. The increase in revenue was primarily due to an
increase in vehicle sales volume of 22 units, from 2 units (2
school buses in the U.S.) for the three-month period ended
March 31, 2020, to 24 units (18
school buses and 6 trucks; 22 vehicles in Canada and 2 vehicles in the U.S.) for the
three-month period ended March 31,
2021.
Cost of Sales
Cost of sales increased by $5.7
million, from $2.3 million for
the three-month period ended March 31,
2020, to $8.0 million for the
three-month period ended March 31,
2021. The increase was primarily due to the addition of
personnel and other resources to accommodate higher anticipated
production volumes. Lion completed the manufacturing of 43 vehicles
in the three-month period ending March 31,
2021.
Gross Profit
Gross profit decreased by $0.8
million, from ($1.1) million
(-86.0% of revenues) for the three-month period ended March 31, 2020, to ($1.8)
million (-29.0% of revenues) for the three-month period
ended March 31, 2021. The decrease is
primarily due to the addition of personnel and other resources to
accommodate higher anticipated production volumes.
Administrative Expenses
Administrative expenses increased by $5.5
million, from $0.8 million for
the three-month period ended March 31,
2020, to $6.3 million for the
three-month period ended March 31,
2021. The increase was primarily due a significant increase
in non-cash share-based compensation of $3.1
million for the three-month period ended March 31, 2021 ($0.2
million for the three-month period ended March 31, 2020), to Lion expanding its head
office capabilities in preparation of an expected increase in
business, and an increase in non-recurring professional fees.
Selling Expenses
Selling expenses increased by $2.8
million, from $1.6 million for
the three-month period ended March 31,
2020, to $4.4 million for the
three-month period ended March 31,
2021. The increase was primarily due a significant increase
in non-cash share-based compensation of $2.1
million for the three-month period ended March 31, 2021 ($0.1
million for the three-month period ended March 31, 2020), to Lion expanding its sales
force effective, and an increase in expenses associated with
Experience Centers.
LIQUIDITY PROFILE
The business combination transaction with NGA and the concurrent
equity private placement closed on May 6,
2021, and resulted in proceeds of approximately $490 million to the Company, net of transaction
fees. Approximately $90 million of
such proceeds were used to repay outstanding credit facilities and
debt instruments. Immediately after the closing of the transaction
and the repayment of such indebtedness, the Company had a debt
balance of approximately $12 million,
consisting mainly of a loan against vehicle subsidies to be
received in the future, in addition to approximately $400 million of cash on hand.
CONFERENCE CALL
A conference call and webcast will be held on May 17, 2021, at 8:30 a.m.
(Eastern Time) to discuss the results.
To participate in the conference call, dial (236) 714-3941 or
(833) 329-1697 (toll free). A live webcast of the conference call
will also be available at www.thelionelectric.com under the "Events
and Presentation" page of the "Investors" section. An archive of
the event will be available for a period of time shortly after the
conference call.
FINANCIAL REPORT
This release incorporates by reference our 2021 first quarter
financial report, including the unaudited interim consolidated
financial statements of the Company as at and for the quarter ended
March 31, 2021, and related MD&A,
which will be filed by the Company with applicable Canadian
securities regulatory authorities and with the U.S. Securities and
Exchange Commission and which will be available on our website at
www.thelionelectric.com.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
For the
three-month periods ended March 31
|
|
|
(Unaudited)
|
|
|
|
|
|
|
2021
|
2020
|
|
$
|
$
|
|
|
|
Revenue
|
6,225,478
|
1,228,439
|
Cost of
sales
|
8,032,301
|
2,284,676
|
Gross
profit
|
(1,806,823)
|
(1,056,237)
|
|
|
|
Administrative
expenses
|
6,269,969
|
760,753
|
Selling
expenses
|
4,383,579
|
1,606,863
|
Finance
costs
|
3,907,390
|
1,879,500
|
Foreign exchange loss
(gain)
|
(178,653)
|
365,926
|
Change in fair value
of share warrant obligation
|
(75,245)
|
–
|
Net loss for the
period
|
(16,113,863)
|
(5,669,279)
|
|
|
|
Other comprehensive
income (loss)
|
|
|
Item that will be
subsequently reclassified to net loss
|
|
|
Foreign currency
translation adjustment
|
(1,302,467)
|
(112,240)
|
Comprehensive loss
for the three-month period
|
(17,416,330)
|
(5,781,519)
|
|
|
|
Loss per
share
|
|
|
Basic loss per
share
|
(0.15)
|
(0.05)
|
Diluted loss per
share
|
(0.15)
|
(0.05)
|
|
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of March 31,
2021, and December 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021
|
December 31,
2020
|
ASSETS
|
$
|
$
|
Current
|
|
|
|
Inventories
|
47,852,275
|
38,073,303
|
|
Accounts
receivable
|
14,676,492
|
18,505,072
|
|
Prepaid
expenses
|
1,553,322
|
1,078,148
|
Current
assets
|
64,082,089
|
57,656,523
|
|
|
|
|
Non-current
|
|
|
|
Property, plant and
equipment
|
6,340,776
|
5,446,807
|
|
Right-of-use
assets
|
7,905,453
|
7,498,724
|
|
Intangible
assets
|
48,128,869
|
42,090,843
|
|
Contract
asset
|
14,506,486
|
14,327,709
|
Non-current
assets
|
76,881,584
|
69,364,083
|
Total
assets
|
140,963,673
|
127,020,606
|
|
|
|
|
LIABILITIES
|
|
|
Current
|
|
|
|
Bank indebtedness and
other indebtedness
|
31,303,033
|
28,733,983
|
|
Trade and other
payables
|
15,336,249
|
12,404,614
|
|
Current portion of
share-based compensation liability
|
39,200,456
|
35,573,558
|
|
Current portion of
long-term debt
|
42,717,680
|
26,699,276
|
|
Current portion of
lease liabilities
|
1,702,996
|
1,814,635
|
Current
liabilities
|
130,260,414
|
105,226,066
|
|
|
|
|
Non-current
|
|
|
|
Share-based
compensation liability
|
37,621,575
|
35,126,025
|
|
Long-term
debt
|
87,326
|
118,539
|
|
Convertible debt
instruments
|
19,912,273
|
18,866,890
|
|
Lease
liabilities
|
6,436,263
|
5,904,473
|
|
Share warrant
obligation
|
31,868,091
|
31,549,033
|
|
Common shares,
retractable
|
27,819,990
|
25,855,509
|
Non-current
liabilities
|
123,745,518
|
117,420,469
|
Total
liabilities
|
254,005,932
|
222,646,535
|
|
|
|
|
SHAREHOLDERS'
EQUITY (DEFICIENCY)
|
|
|
|
Share
capital
|
32,562,541
|
32,562,541
|
|
Conversion options on
convertible debt instruments, net of tax
|
1,472,520
|
1,472,520
|
|
Deficit
|
(142,544,268)
|
(126,430,406)
|
|
Cumulative
translation adjustment
|
(4,533,051)
|
(3,230,584)
|
Total equity
(deficiency)
|
(113,042,258)
|
(95,625,929)
|
Total equity
(deficiency) and liabilities
|
140,963,674
|
127,020,606
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the
three-month periods ended March 31
|
|
|
(Unaudited)
|
|
|
|
|
|
|
2021
|
2020
|
|
$
|
$
|
OPERATING
ACTIVITIES
|
|
|
Net loss for the
year
|
(16,113,863)
|
(5,669,279)
|
Non-cash
items:
|
|
|
|
Amortization -
property, plant and equipment
|
291,396
|
110,117
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|
Amortization -
right-of-use assets
|
457,570
|
340,471
|
|
Amortization -
intangible assets
|
234,848
|
34,953
|
|
Stock-based
compensation
|
5,205,352
|
251,043
|
|
Accretion expense on
common shares, retractable
|
1,616,013
|
1,196,421
|
|
Accretion expense on
balance of purchase
|
|
|
|
price payable related
to the acquisition of the dealership rights
|
153,120
|
208,718
|
|
Accretion expense on
convertible debt instruments
|
797,214
|
24,888
|
|
Change in fair value
of share warrant obligation
|
(75,245)
|
–
|
|
Unrealized foreign
exchange loss (gain)
|
(35,926)
|
327,689
|
Net change in working
capital items
|
(2,594,854)
|
(2,315,638)
|
Cash flows used in
operating activities
|
(10,064,375)
|
(5,490,617)
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
Acquisition of
property, plant and equipment
|
(1,111,899)
|
(868,788)
|
Acquisition of
intangible assets
|
(6,450,184)
|
(2,780,614)
|
Government assistance
related to intangible assets
|
456,190
|
1,222,987
|
Contract asset, other
costs
|
–
|
–
|
Cash flows used in
investing activities
|
(7,105,893)
|
(2,426,415)
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
Net change in credit
facilities
|
4,977,316
|
5,471,279
|
Repayment of loans on
research and development tax credits
|
|
|
and subsidies
receivable
|
(2,745,712)
|
–
|
Long-term
debt
|
15,775,473
|
–
|
Repayment of
long-term debt
|
(370,026)
|
(685,988)
|
Repayment of lease
liabilities
|
(447,724)
|
(215,633)
|
Proceeds from
issuance of convertible debt instruments, net of
|
|
|
issuance
costs
|
–
|
3,671,299
|
Cash flows from
financing activities
|
17,189,327
|
8,240,957
|
|
|
|
Effect of exchange
rate changes on instruments held in foreign currency
|
(62,053)
|
(21,701)
|
Net increase in
cash
|
(42,994)
|
302,224
|
Bank overdraft,
beginning of three-month period
|
(91,076)
|
(168,108)
|
Bank overdraft, end
of three-month period
|
(134,070)
|
134,116
|
Other information on
cash flows related to operating activities:
|
|
|
|
Income taxes
paid
|
–
|
–
|
|
Interest
paid
|
1,050,469
|
390,041
|
|
Interest paid under
lease liability
|
79,471
|
53,975
|
NON-IFRS MEASURES AND OTHER PERFORMANCE METRICS
The Company reports its financial results in accordance with the
International Financial Reporting Standards ("IFRS"). This
press release makes reference to certain non-IFRS measures,
including Adjusted EBITDA, and other performance metrics, including
the Company's order book. These measures are not recognized
measures under IFRS, do not have a standardized meaning prescribed
by IFRS and are therefore unlikely to be comparable to similar
measures presented by other companies. Rather, these measures are
provided as additional information to complement those IFRS
measures by providing further understanding of the Company's
results of operations from management's perspective. Accordingly,
they should not be considered in isolation nor as a substitute for
analysis of the Company's financial information reported under
IFRS. Additional details relating to these non-IFRS measures and
other performance metrics can be found in Lion's MD&A, which is
available under the Company's SEDAR profile at www.sedar.com.
"Adjusted EBITDA" is defined as net earnings (loss) before
finance costs, income tax expense or benefit, and depreciation and
amortization, adjusted for share-based compensation, changes in
fair value of share warrant obligation, foreign exchange loss
(gain) and certain non-recurring expenses. Adjusted EBITDA is
intended as a supplemental measure of performance that is neither
required by, nor presented in accordance with, IFRS. The Company
believes that the use of Adjusted EBITDA provides an additional
tool for investors to use in evaluating ongoing operating results
and trends and in comparing the Company's financial measures with
those of comparable companies, which may present similar non-IFRS
financial measures to investors. However, you should be aware that
when evaluating Adjusted EBITDA, the Company may incur future
expenses similar to those excluded when calculating Adjusted
EBITDA. In addition, the Company's presentation of these measures
should not be construed as an inference that the Company's future
results will be unaffected by unusual or non-recurring items. The
Company's computation of Adjusted EBITDA may not be comparable to
other similarly entitled measures computed by other companies,
because all companies may not calculate Adjusted EBITDA in the same
fashion.
The Company's order book, expressed as a number of units or the
amount of sales expected to be recognized in the future in respect
of such number of units, is determined based on purchase orders
that have been signed, orders that have been formally confirmed by
clients or products in respect of which formal joint applications
for governmental subsidies or economic incentives have been made by
the applicable clients and the Company. The Company's order book
refers to products that have not yet been delivered but which are
reasonably expected by management to be delivered within a time
period that can be reasonably established and includes, in the case
of charging stations, services that have not been completed but
which are reasonably expected by management to be completed in
connection with the delivery of the product. When the Company's
order book is expressed as an amount of sales, such amount has been
determined by management based on the current specifications or
requirements of the applicable order, assumes no changes to such
specifications or requirements and, in cases where the pricing of a
product or service may vary in the future, represents management's
reasonable estimate of the prospective pricing as of the time such
estimate is reported. The order book is intended as a supplemental
measure of performance that is neither required by, nor presented
in accordance with, IFRS or any other applicable securities
legislation. Lion believes that the disclosure of its order book
provides an additional tool for investors to use in evaluating the
Company's performance and trends. Lion's computation of its order
book may not be comparable to other similarly entitled measures
computed by other companies, because all companies may not
calculate their order book, order backlog or order intake in the
same fashion. In addition, Lion's presentation of such measure
should not be construed as a representation by Lion that all of the
vehicles and charging stations included in its order book will
translate into actual sales. A portion of the vehicles or charging
stations included in the Company's order book may be cancellable in
certain circumstances within a certain period. The conversion of
the Company's order book in actual deliveries and sales is subject
to a number of risks. For instance, a customer may default on a
purchase order that has become binding, and the Company may not be
able to convert orders included in its order books into sales. As a
result, the Company's realization of its order book could be
affected by variables beyond its control and may not be entirely
realized.
ADJUSTED EBITDA RECONCILIATION
The following table reconciles net loss to Adjusted EBITDA for
the three-month periods ended March 31,
2021, and 2020.
For the
three-month periods ended March 31
|
|
(Unaudited)
|
|
|
2021
|
2020
|
|
$
|
$
|
|
(in thousands)
|
|
|
|
Revenue
|
$6,225
|
$1,228
|
|
|
|
Net loss
|
(16,114)
|
($5,669)
|
Finance
costs
|
3,907
|
1,880
|
Depreciation and
amortization
|
984
|
483
|
Share-based
compensation(1)
|
5,205
|
251
|
Change in fair value
of warrant(2)
|
(75)
|
--
|
FX loss
(gain)(3)
|
(179)
|
--
|
Non-recurring
fees(4)
|
410
|
21
|
Adjusted
EBITDA
|
($5,861)
|
($3,034)
|
|
|
(1)
|
Represents non-cash
expenses recognized in connection with the issuance and revaluation
to fair value of options to participants under Lion's legacy option
plan.
|
(2)
|
Represents change in
the fair value of the share warrant obligation under the Specified
Customer Warrant valued at $31,868,091 as of March 31,
2021.
|
(3)
|
Represents non-cash
losses (gains) relating to foreign exchange translation.
|
(4)
|
Represents
non-recurring professional fees related to the acquisition of
dealership rights and other professional fees, including as it
relates to financing transactions, recruiting of senior management
and other non-recurring items.
|
ABOUT LION ELECTRIC
Lion Electric is an innovative manufacturer
of zero-emission vehicles. The company creates, designs
and manufactures all-electric class 5 to class 8 commercial
urban trucks and all-electric buses and minibuses for the school,
paratransit and mass transit segments. Lion is a North
American leader in electric transportation and designs, builds
and assembles many of its vehicles' components, including chassis,
battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment and overall quality of life. Lion shares are
traded on the New York Stock Exchange and the Toronto Stock
Exchange under the symbol LEV.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements contained in this press release that are not statements
of historical fact, including statements about Lion's beliefs and
expectations, are forward-looking statements and should be
evaluated as such.
Forward-looking statements may be identified by the use of words
such as "believe," "may," "will," "continue," "anticipate,"
"intend," "expect," "should," "would," "could," "plan,"
"potential," "seem," "seek," "future," "target" or other similar
expressions and any other statements that predict or indicate
future events or trends or that are not statements of historical
matters, although not all forward-looking statements contain such
identifying words. These forward-looking statements include, but
are not limited to, statements regarding the Company's current and
projected order book, the Company's long-term strategy and future
growth, the Company's battery plant project in Quebec and U.S. manufacturing facility, and
the expected launch of new models of electric vehicles.
The Company made a number of economic, market and operational
assumptions in preparing and making certain forward-looking
statements contained in this press release including, but not
limited to, that the Company will be able to retain and hire key
personnel and maintain relationships with customers, suppliers or
other business partners, that the Company will continue to operate
its businesses in the normal course, that the Company will be able
to implement its growth strategy, that the Company will be able to
successfully and timely complete the construction of its U.S.
manufacturing facility and its Québec battery plant, that the
Company will be able to maintain its competitive position, that the
Company will continue to improve its operational, financial and
other internal controls and systems to manage its growth and size
and that its results of operations and financial condition will not
be adversely affected, that the Company will be able to maintain
the benefits received by it from government subsidies and economic
incentives and that the Company will be able to secure additional
funding through equity or debt financing on terms acceptable to it.
Such estimates and assumptions are made by the Company in light of
the experience of management and their perception of historical
trends, current conditions and expected future developments, as
well as other factors believed to be appropriate and reasonable in
the circumstances. However, there can be no assurance that such
estimates and assumptions will prove to be correct.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. The Company
believes that these risks and uncertainties include, but are not
limited to, the following: any adverse changes in the U.S. and
Canadian general economic, business, market, financial, political
and legal conditions, including as consequences of the global
COVID-19 pandemic; the Company's inability to successfully and
economically manufacture and distribute its vehicles at scale and
meet its customers' business needs; the Company's inability to
execute its growth strategy; the Company's inability to maintain
its competitive position; the Company's inability to reduce its
costs of supply over time; any inability to maintain and enhance
the Company's reputation and brand; any significant product repair
and/or replacement due to product warranty claims or product
recalls; any failure of information technology systems or any
cybersecurity and data privacy breaches or incidents; the
reduction, elimination or discriminatory application of government
subsidies and economic incentives or the reduced need for such
subsidies; natural disasters, epidemic or pandemic outbreaks,
boycotts and geo-political events; and the outcome of any legal
proceedings that may be instituted against Lion from time to
time.
These and other risks and uncertainties related to the
businesses of Lion are described in greater detail in the section
entitled "Risk Factors" in the Company's final prospectus dated
May 5, 2021 (the "Canadian
Prospectus") filed with the Autorité des marchés financiers (the
"AMF") and the registration statement on Form F-4 (the
"Registration Statement") filed with the Securities and Exchange
Commission (the "SEC") and declared effective on March 24, 2021 and other documents publicly filed
with the AMF and the SEC. Many of these risks are beyond the
Company's management's ability to control or predict. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
the cautionary statements contained, and risk factors identified,
in the Canadian Prospectus, the Registration Statement and other
documents filed with the AMF and the SEC.
Because of these risks, uncertainties and assumptions, you
should not place undue reliance on these forward-looking
statements. Furthermore, forward-looking statements speak only as
of the date they are made. Except as required under applicable
securities laws, the Company undertakes no obligation, and
expressly disclaims any duty, to update, revise or review any
forward-looking information, whether as a result of new
information, future events or otherwise.
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SOURCE Lion Electric