Lightning eMotors, Inc. - ZEV STOCK NEWS

Lightning eMotors, Inc. (NYSE: ZEV) received a notice from the New York Stock Exchange on December 14, 2022, indicating non-compliance with the minimum average closing share price requirement of $1.00 over 30 consecutive trading days. The company has six months to address this issue and may consider a reverse stock split as a potential solution. During this period, the stock will remain listed on the NYSE, and the notice does not impact its business operations or reporting obligations with the Securities and Exchange Commission.

Lightning eMotors (NYSE: ZEV), a leader in zero-emission commercial vehicles, announced that CEO Tim Reeser and CFO David Agatston will speak at the Barclay’s Automotive and Mobility Tech Conference on November 30. The company specializes in sustainable fleet solutions, offering various zero-emission vehicles since 2018, including cargo vans, ambulances, school buses, and city buses. Interested investors can get in touch with conference representatives for participation details.

Lightning eMotors, Inc. (NYSE: ZEV) announced on November 16, 2022, that it has entered into exchange agreements with certain holders of its unsecured 7.5% convertible senior notes due in 2024. The company will exchange $14.0 million of these notes for approximately 13.3 million shares of common stock. This transaction is expected to close by November 21, 2022, leaving $73.9 million of the Convertible Notes outstanding. Oppenheimer & Co. Inc. acted as the exclusive financial advisor for this exchange.

Lightning eMotors reported a record quarterly revenue of $11.1 million for Q3 2022, a significant increase from $6.3 million in Q3 2021. The company sold a record 93 zero-emission vehicles and produced 104 vehicles, up from 43 year-over-year. A strategic partnership with GoBolt was announced, deploying 170 zero-emission vehicles across the U.S. and Canada. Despite a net loss of $1.2 million, improved production capacity and demand were highlighted. Guidance for Q4 2022 anticipates revenue between $13 million and $18 million.

Lightning eMotors (NYSE: ZEV) has been registered by Transport Canada in its pre-clearance program, allowing the company's full range of Class 3 to Class 7 electric vehicles to qualify for Canadian funding programs. This registration enhances Lightning's presence in the Canadian market, which now includes nearly 50 vehicles on the roads and over 100 orders in the backlog. Funding initiatives aimed at zero-emission vehicles by the Canadian government provide additional incentives for fleet operators, ultimately supporting Lightning’s growth and adoption of electric vehicles.

Lightning eMotors (NYSE: ZEV) will announce its third quarter 2022 earnings on November 7, 2022, after market close, followed by a conference call at 5:00 p.m. ET. Interested investors can tune in via the company’s Investor Relations webpage or by phone. Lightning eMotors specializes in zero-emission vehicles, providing fleet solutions since 2009, with a focus on custom and sustainable designs to enhance energy efficiency and operational uptime.

Lightning eMotors (NYSE: ZEV) reported a significant increase in production, with 104 vehicles and powertrains manufactured in Q3 2022, up from 74 in Q2 2022. This represents a nearly 39% rise compared to the previous record. The company anticipates growing demand for electric vehicles, supported by recent federal funding boosts, including a $1 billion annual allocation for electric school buses and a new $40,000 tax credit for commercial electric vehicles. Lightning will disclose complete financial details, including vehicle sales, on November 7, 2022.

Lightning eMotors, Inc. (NYSE: ZEV) has appointed Wanda Jackson-Davis to its Board of Directors. With over 20 years of experience in supply chain and procurement across various industries, her expertise is expected to enhance the board's capabilities as the company aims to grow in the electric vehicle market. Currently the Vice President of Sourcing & Procurement at McKesson, Jackson-Davis has held prominent roles at companies like Ford Motor Company and ABB. Her appointment is viewed as a strategic move to support Lightning eMotors' mission in delivering zero-emission vehicles.

Lightning eMotors (NYSE: ZEV) announced a new second-generation repower program for 40-foot transit buses, providing transit agencies with an affordable and rapid transition to electric vehicles. Repowered buses offer over 200 miles of real-world range, significantly reducing costs to less than half of new bus purchases. The program leverages existing infrastructure and allows fleet managers to extend the lifecycle of current buses while contributing to sustainability efforts. The first repowered buses are expected to deploy in 2023, with state and federal funding available for customers.