Lightning eMotors : Accelaration/Increase of Financial Obligation - Form 8-K
December 14, 2023 at 06:08 am EST
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Item 1.03 Bankruptcy or Receivership.
On December 13, 2023, Cupola Infrastructure Income Fund, L.L.L.P. filed a complaint and accompanying motion and proposed order, requesting the District Court, Larimer County, State of Colorado (the "Court"), to appoint a receiver (the "Receivership") over Lightning eMotors, Inc. and its wholly owned subsidiary, Lightning Systems, Inc. (together, the "Company"). The Company stipulated and agreed to the motion and proposed order to appoint Cordes & Company as the receiver (the "Receiver").
Upon appointment of the Receiver, the Receiver will have and exercise the powers and authority of the Company's directors and officers, take possession of, and protect and preserve, all of the assets of the Company, and administer the estate in accordance with Rule 66 of the Colorado Rules of Civil Procedure. Accordingly, the Receiver will sell all of the assets of the Company (together or separately) and distribute the proceeds of such sale to the Company's creditors in a manner approved by the Court. The appointment of a Receiver is considered an event of default under the Company's senior notes and other financing arrangements.
The Company's shareholders will not receive distributions in the Receivership.
The Company expects the New York Stock Exchange to file a Form 25 with the U.S. Securities and Exchange Commission to delist the Company's common stock and warrants from the NYSE.
Lightning eMotors Inc. published this content on 14 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2023 11:07:18 UTC.
Lightning eMotors, Inc. designs and manufactures zero-emission vehicles (ZEV) and charging infrastructure solutions for commercial fleets, large enterprises, original equipment manufacturers, and governments. Its products range from cargo vans, transit and shuttle buses, school buses, specialty work trucks, ambulances and electric power trains for school buses, transit buses and motorcoaches. It offers a range of vehicles, including passenger vehicles, cargo vehicles, ambulances, and others. Its Lightning ZEV3 Transit van platform is equipped with an electric drivetrain and, depending on the selected battery configuration, offers a 140-mile to 200-mile range. Its Lightning ZEV4 platform can be outfitted as a shuttle bus with a capacity of up to 18 passengers in many applications, such as airport parking, college and corporate campuses, and senior communities, or as a work truck, as a cargo van or box truck for middle- and last-mile deliveries, or as a Type 3 ambulance.
LIGHTNING EMOTORS, INC. 
