The Lion Electric Co LEV Shares traded lower in Monday’s after-hours session after the company launched one overnight marketed public offering.

What happened: Lion Electric said it will launch a marketed public offering of units in the US and Canada. Each unit consists of one common share and one common share purchase warrant.

Power Sustainable Capital Incthrough its subsidiary PowerEnergy Corporationhas expressed interest in purchasing units at the offer price, representing a total purchase price of approximately $25 million.

Lion Electric said it intends to use the net proceeds from the offering to strengthen its financial position. It will also allow the company to continue its activities growth strategyincluding the Company’s capacity expansion projects in Illinois and Quebec.

Lion Electric is a manufacturer of all-electric medium and heavy-duty city vehicles.

LEV Price Promotion: Lion Electric has a 52-week high of $10.48 and a 52-week low of $2.36.

The stock was down 12.0% after the close of business to $2.35 at the time of writing Gasoline Pro.

Photo: courtesy of Lion Electric.