The financing for the electric-bus manufacturer includes $90 million from a consortium led by Mirella and Lino Saputo Foundation and the Mach group in the form of senior secured non-convertible debentures. Investissement Québec, Fonds de solidarité des travailleurs du Québec and Fondaction invested roughly $97 million in the forms of senior unsecured convertible debentures. (The Logic)
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The financing for the electric-bus manufacturer includes $90 million from a consortium led by Mirella and Lino Saputo Foundation and the Mach group in the form of senior secured non-convertible debentures. Investissement Québec, Fonds de solidarité des travailleurs du Québec and Fondaction invested roughly $97 million in the forms of senior unsecured convertible debentures. (The Logic)
Talking point: The company plans to use the proceeds as working capital and further its expansion projects in Mirabel, Que., and Joliet, Ill. Though it more than doubled its revenue to US$54.7 million in the first quarter of 2023 compared to the same period the year before, the Saint-Jérôme-based company still faces profitability issues. It reported nearly US$115 million in long-term debt as of the end of March. Lion shares closed up more than seven per cent on the Toronto Stock Exchange on Monday.
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