Shares of Lion Electric Co. LEV rose 2.4% in premarket trading Monday, after the electric semi truck and bus maker announced financing agreements that results in gross proceeds of $142 million. The financing includes the private placement of 13% convertible debt for proceeds of $74 million, the private placement of 11% nonconvertible debt for proceeds of C$90 million ($68.1 million) and the issuance of warrants to buy 22.5 million common shares. The Montreal-based company plans to use the proceeds for working capital, to bolster its balance sheet and for capacity expansion projects. The stock has gained 7.6% over the past three months, while the Global X Autonomous and Electric Vehicles exchange-traded fund DRIV has rallied 16.1% and the S&P 500 SPX has advanced 7.1%.
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