Northern Genesis Acquisition Corp. Receives Stockholder Approval for its Intended Business Combination with Lion

The Lion Electric Company and Northern Genesis Acquisition Corp. Announce Merger and Commitments for $200 Million in a PIPE; Combined Company Expected to be Listed on NYSE

• The Lion Electric Company (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, is combining with Northern Genesis Acquisition Corp. (“Northern Genesis”) (NYSE: NGA) and the combined entity is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.
• Pro forma implied market capitalization of the combined company of $1.9 billion.
• Transaction includes a $200 million fully committed private placement of common shares in Lion (PIPE).
• Proceeds will be used to fund Lion’s growth strategy, including the planned expansion of the Company’s U.S. manufacturing capacity, continued development of advanced battery systems, the planned construction of a highly automated battery system assembly factory and other general corporate purposes.
• Proposed transaction is expected to allow Lion to further solidify its current leadership in all-electric medium and heavy-duty urban vehicles.
• CEO - Founder Marc Bedard and Chairman Pierre Larochelle will be joined by Northern Genesis’ Ian Robertson and Chris Jarratt on a newly formed board of directors.