MONTREAL, June 5, 2021 /CNW Telbec/ – Power Sustainable Capital Inc. (“Power Sustainable”) today announced the exercise (the “Transaction”), through its wholly-owned subsidiary Power Energy Corporation (“PEC”), of options to acquire common shares (“Shares”) of the Lion Electric Company (“Lion”) from certain shareholders of Lion.
The Transaction will be completed pursuant to a previously announced agreement dated November 27, 2020 among PEC and other shareholders of Lion under which such shareholders granted to PEC options to acquire up to 13,212,480 Shares (“PECOptions”), subject to certain terms and conditions. Pursuant to the exercise of 10,941,585 PEC Options, PEC will acquire 8,891,812 Shares, on a cashless net settlement basis. Before the Transaction, Power Sustainable held 58,409,354 Shares, which represented approximately 30.99% of the issued and outstanding Shares on a non-diluted basis. Following the Transaction, Power Sustainable will beneficially own and exercise control over 67,301,166 Shares, which will represent approximately 35.70% of the issued and outstanding Shares on a non-diluted basis and, assuming the exercise in full of the remaining PEC Options (representing up to an additional 2,270,895 Shares), approximately 36.91% of the issued and outstanding Shares.
Power Sustainable, through PEC, holds the Shares and the PEC Options for investment purposes and, pursuant to