08:05 AM EST, 12/18/2024 (MT Newswires) -- Lion Electric ( LEV ) said Wednesday it is seeking creditor protection in the US and Canada, as well as approval of a formal sale and investment solicitation process.

The company said it wants a stay of proceedings, including a stay of creditor claims and exercise of contractual rights. It also said it is looking to receive authorization of interim debtor-in-possession financing provided by the lenders under Lion Electric's ( LEV ) senior revolving credit agreement.

Shares of Lion Electric ( LEV ) were down more than 3% in recent premarket activity.

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