LEV Overview

Workforce Reduction Announcement: The Lion Electric Company has announced temporary layoffs of approximately 150 employees in Canada and the U.S. as part of its restructuring process under the Companies' Creditors Arrangement Act (CCAA), leaving around 160 employees to focus on customer maintenance and servicing.

Company Background and Future Outlook: Lion Electric is a manufacturer of zero-emission vehicles, including electric school buses, and is undergoing a sale and investment solicitation process while facing financial uncertainties that may impact its future operations.

Company Restructuring: The Lion Electric Company has received an initial order from the Superior Court of Quebec for protection under the Companies' Creditors Arrangement Act (CCAA) to assist in its restructuring efforts, with Deloitte appointed as the monitor.

Trading Suspension: Trading of Lion's shares on the TSX and NYSE has been suspended, and the company is undergoing a sale and investment solicitation process to determine the best transaction for its business and stakeholders.

Company's Financial Situation: The Lion Electric Company has applied for creditor protection under the Companies' Creditors Arrangement Act (CCAA) in Quebec and intends to seek recognition of these proceedings in the U.S. under Chapter 15 of the Bankruptcy Code, following financial difficulties and the expiry of a covenant relief period.

Trading Suspension: Trading of Lion Electric's shares on the Toronto Stock Exchange and New York Stock Exchange has been halted, with the TSX initiating a delisting review due to the company's current financial status and restructuring efforts.

Lion Electric Company Bankruptcy Proceedings: The Lion Electric Company has applied to the Superior Court of Quebec for creditor protection and plans to seek recognition of its proceedings in the U.S. under Chapter 15 of the Bankruptcy Code.

Trading Halted: Trading of Lion Electric's shares on both the Toronto Stock Exchange and New York Stock Exchange has been halted as the company seeks emergency funding and explores a formal sale process.

Company Restructuring Announcement: The Lion Electric Company is initiating restructuring proceedings under the Companies' Creditors Arrangement Act (CCAA) due to defaults on its credit agreements and the expiration of a covenant relief period, as no viable alternatives for restructuring have been found.

Trading Halt and Future Plans: Trading of Lion's shares on the TSX and NYSE has been halted while the company seeks additional funding through a new debtor-in-possession credit facility and plans to pursue a formal sales and investment solicitation process.

Interpublic Group Stock Surge: Shares of Interpublic Group rose 13.8% in pre-market trading following reports of advanced merger talks with Omnicom.

Pre-Market Trading Highlights: Several stocks saw significant gains, including Zeo Energy Corp (106.6%) and MEDIROM Healthcare Technologies (74.1%), while BioAge Labs experienced a sharp decline of 68.6%.