Lightning eMotors (ZEV) Drops 40% As Company Enters into Exchange Agreement with Convertible Noteholders
Lightning eMotors (ZEV) an electric vehicles company fell 40% in a rough day for EV stocks. The drop also comes shortly after the Company announced they are entering into exchange agreements with certain 7.5% convertible noteholders. The Company exchanged 13.3 million newly issued shares of common stock for $14M aggregate principal amount of the Convertible Notes.
ZEV is a member of the PRISM EV Index, which fell 3.9% for the day, the biggest negative change of all the Prism Indexes, along with Web 3.0
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at http://lightningemotors.com.