05:25 PM EST, 12/05/2024 (MT Newswires) -- Lion Electric Co ( LEV ) shares were last seen up 79% in after-hours New York trading after the company agreed to sell to sell its innovation center facility located in Mirabel, Quebec, to Aeroport de Montreal for $50 million.

The electric truck and bus manufacturer, which on Monday laid off more than half its employees and suspended operations at a manufacturing plant in Illinois, said proceeds from the sale will be used for partial repayment of the company's senior secured non-convertible debentures issued in July 2023, "holders of which currently benefit from a first ranking hypothec over the immovable/real rights related to the innovation center facility".

As a result, while the transaction is expected to reduce the company's long-term indebtedness, it will not impact the company's short term liquidity and cash position, the statement added.

Closing of the transaction is expected to occur before the end of 2024.

Lion shares were last seen up US$0.25 to US$0.58 after hours. They closed down $0.07 to $0.48 on the Toronto Stock Exchange.