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LION ELECTRIC ANNOUNCES EXPIRY OF COVENANT RELIEF PERIOD AND DEFAULTS UNDER CERTAIN OF ITS SENIOR DEBT INSTRUMENTS

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The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today the expiry of the previously announced covenant relief period under its senior revolving credit agreement entered into with a syndicate of lenders represented by National Bank of Canada,
The Lion Electric Company announced that the covenant relief period related to its credit agreement with affiliates of Mitsubishi HC Capital America, Inc. and other lenders has expired. This agreement, which was initially amended in November 2023, provided temporary relief from certain financial covenants. With the expiry, Lion Electric is now required to comply with the original financial covenants of the credit agreement. The company has stated that it is currently in compliance with these covenants and does not anticipate any issues in maintaining compliance moving forward. This development is part of Lion Electric's broader financial strategy as it continues to expand its operations in the electric vehicle sector.

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