Lightning eMotors’ assets to be sold following receiver appointment

By Sarah Lizee

Olympia, Wash., Dec. 14 – Lightning eMotors, Inc. and its wholly owned subsidiary, Lightning Systems, Inc., are now under receivership, according to an 8-K filed with the Securities and Exchange Commission.

The company had warned in November that it would need to attain and maintain profitable operations or raise cash to continue as a going concern.

On Wednesday, lender Cupola Infrastructure Income Fund, LLLP filed a complaint and proposed order requesting a Colorado district court to appoint a receiver over the companies.

Lightning eMotors said it stipulated and agreed to the motion and proposed order to appoint Cordes & Co. as the receiver.

Upon appointment, the receiver will have and exercise the powers and authority of the company’s directors and officers, take possession of, and protect and preserve, all of the assets of the company, and administer the estate.

The receiver will sell all of the assets of the company, together or separately, and distribute the proceeds of the sale to the company’s creditors in a manner approved by the court.

The appointment of a receiver is considered an event of default under the company’s senior notes and other financing arrangements.

The company’s shareholders will not receive distributions in the receivership.

Lightning eMotors said it expects the New York Stock Exchange to file a form 25 with the SEC to delist the company’s common stock and warrants from the NYSE.

Lightning eMotors is a Loveland, Colo.-based provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets.

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