Exercise of Options and Sale of Common Shares by CEO - Founder

MONTREAL, Aug. 20, 2021 /PRNewswire/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion") announced today that Marc Bedard, CEO – Founder, has exercised share options granted in 2017, resulting in the acquisition of 900,000 common shares of Lion, and sold these shares on the Toronto Stock Exchange and New York Stock Exchange through the facilities of an investment dealer.

Mr. Bedard plans to use the net proceeds from the sale of the common shares primarily for the repayment of personal indebtedness incurred in connection with prior investments in Lion's shares. The common shares sold have no impact on the total number of common shares held by 9368-2672 Quebec Inc., of which Mr. Bedard has control over, directly and indirectly, a majority of the voting shares. Following the sale, 9368-2672 Quebec Inc. still holds 27,558,653 or 14.6% of Lion's common shares issued and outstanding, while Mr. Bedard personally holds 2,956,375 options.

As previously disclosed in the Registration statement on Form F-1 filed with the Securities and Exchange Commission and declared effective on June 14, 2021, Mr. Bedard, who is subject to a 180 days lock-up agreement following close of the transaction, was allowed during the restricted period to transfer and sell a maximum of 1,000,000 common shares, representing less than 4% of the total number of Lion common shares held by 9368-2672 Quebec Inc. The announced sale of 900,000 shares is done as part of this entitlement, which Mr. Bedard does not plan on exercising in full.  

ABOUT LION ELECTRIC

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies.  

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements contained in this press release that are not statements of historical fact, including statements about Lion's beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements may be identified by the use of words such as "believe," "may," "will," "continue," "anticipate," "intend," "expect," "should," "would," "could," "plan," "project," "potential," "seem," "seek," "future," "target" or other similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words.

The company made a number of economic, market and operational estimates and assumptions in preparing and making certain forward-looking statements contained in this press release. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Lion believes that these risks and uncertainties include, but are not limited to the risks and uncertainties related to the businesses of Lion described in the section entitled "Risk Factors" in the company's final prospectus dated May 5, 2021 (the "Canadian Prospectus") filed with the Autorité des marchés financiers (the "AMF") and the registration statement on Form F-1 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC") and declared effective on June 14, 2021 and other documents publicly filed with the AMF and the SEC. Many of these risks are beyond Lion's management's ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained, and risk factors identified, in the Canadian Prospectus, the Registration Statement and other documents filed with the AMF and the SEC.

Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under applicable securities laws, Lion undertakes no obligation, and expressly disclaims any duty, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.

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SOURCE Lion Electric