Lightning eMotors and its wholly owned subsidiary Lightning Systems, a provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, announced that Cordes & Company, in its capacity as receiver of the company, has entered into an Asset Purchase Agreement to sell substantially all of the assets for $12.6 million in cash.
Lightning in December was placed in receivership to cover its mounting debt. The New York Stock Exchange in October elected to delist Lightning eMotors. The company's shares fell from a high of $325.60 in January 2021 to just $0.44.
The closing of the transaction is contingent upon the approval and authorization of the District Court of Larimer County, State of Colorado. The funds received from the closing of the transactions will be distributed by the receiver to the company's creditors pursuant to their applicable priorities and as ordered by the court, the company said. The company's shareholders will not receive any distributions in the receivership or as a result of the transaction. The buyer under the Asset Purchase Agreement does not intend to carry on the business of the company, including the business of selling and servicing of zero-vehicle emission vehicles.
Lightning eMotors produced electric drives for Ford Transit vans, Ford E-450 cutaway and Ford F-59 step vans, and the Chevrolet 6500XD low cab forward truck. In August, Lightning said its vehicles had surpassed 5 million all-electric miles.