The company is considering various sources of financing, including ‘a sale of the business’
Lion Electric had previously suggested asset sales were an option as it scrambled to cut costs and find fresh funding, but had made no mention of selling the firm outright.
Lion Electric has announced losses topping $131 million over the past four quarters and at least 520 layoffs so far this year, or more than 40 per cent of its workforce.
The company’s shares fell five per cent to 46 cents by midday Monday, far below highs that topped $24 in mid-2021.