Lightning eMotors to Sell Substantially All Assets

Rhea-AI Summary

Lightning eMotors, Inc. and its subsidiary Lightning Systems, Inc. have entered into an Asset Purchase Agreement to sell their assets for $12.6 million in cash. The buyer does not intend to continue the business of selling and servicing zero-vehicle emission vehicles. Shareholders will not receive any distributions from the transaction.

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• None.

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• Shareholders will not receive any distributions from the transaction.

LOVELAND, Colo., Jan. 25, 2024 /PRNewswire/ -- Lightning eMotors, Inc. (OTC: ZEVY) and its wholly owned subsidiary, Lightning Systems, Inc. (together, the "Company"), a provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced that Cordes & Company, in its capacity as receiver of the Company, has entered into an Asset Purchase Agreement to sell substantially all of the assets of the Company, free and clear of all liens, claims, encumbrances, interests, and liabilities, for $12.6 million in cash, subject to adjustment.  The closing of the transaction is contingent upon the approval and authorization of the District Court of Larimer County, State of Colorado (the "Court").  The funds received from the closing of the transactions will be distributed by the receiver to the Company's creditors pursuant to their applicable priorities and as ordered by the Court.  The Company's shareholders will not receive any distributions in the receivership or as a result of the transaction. The buyer under the Asset Purchase Agreement does not intend to carry on the business of the Company, including the business of selling and servicing of zero-vehicle emission vehicles.

Additional information regarding the transaction may be posted to the Company's website at https://lightningemotors.com/news/; additional information is also available by contacting the Receiver at LightningClaims@CordesCo.com. 

About Lightning eMotors

Lightning eMotors (OTC: ZEVY) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018 – including cargo and passenger vans, ambulances, shuttle buses, Type A school buses, work trucks, city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at http://lightningemotors.com. 

For more information:

Additional information is available by contacting the Receiver at LightningClaims@CordesCo.com. 

View original content:https://www.prnewswire.com/news-releases/lightning-emotors-to-sell-substantially-all-assets-302045069.html

SOURCE Lightning eMotors

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is Lightning eMotors, Inc.

What is the ticker symbol for Lightning eMotors, Inc.?

The ticker symbol for Lightning eMotors, Inc. is ZEVY

What is the amount for which the assets of the company are being sold?

The assets of the company are being sold for $12.6 million in cash.

Will the shareholders receive any distributions from the transaction?

No, the shareholders will not receive any distributions from the transaction.

What is the buyer's intention regarding the business of the company?

The buyer does not intend to continue the business of selling and servicing zero-vehicle emission vehicles.