The Lion Electric Co LEV shares are trading lower in Monday’s after-hours session after the company launched an overnight marketed public offering.
What Happened: Lion Electric said it would launch a marketed public offering of units in the U.S. and Canada. Each unit will consist of one common share and one common share purchase warrant.
Power Sustainable Capital Inc, through its subsidiary Power Energy Corporation, has indicated an interest in purchasing units at the offering price, representing an aggregate purchase price of approximately $25 million.
Lion Electric said it intends to use the net proceeds of the offering to strengthen its financial position. It will also allow the company to continue to pursue its growth strategy, including the company’s capacity expansion projects in Illinois and Québec.
Lion Electric is a manufacturer of all-electric medium and heavy-duty urban vehicles.
LEV Price Action: Lion Electric has a 52-week high of $10.48 and a 52-week low of $2.36.
The stock was down 12.0% in after hours at $2.35 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Lion Electric.
Image and article originally from www.benzinga.com. Read the original article here.