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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 40-F
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REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934 |
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OR |
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ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
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For the fiscal year ended December 31, 2022
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Commission file number 001-40387
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THE LION ELECTRIC COMPANY
(Exact name of Registrant as specified in its charter)
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Quebec |
3711 |
Not Applicable |
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(Province or other jurisdiction of incorporation or
organization) |
(Primary Standard Industrial Classification Code
Number) |
(I.R.S. Employer Identification Number) |
921 chemin de la Rivière-du-Nord
Saint-Jerome (Quebec) J7Y 5G2
Tel: (450) 432-5466
(Address and telephone number of Registrant’s principal executive
offices)
CorpoMax Inc.
2915 Ogletown Rd., Suite 2999
Newark, Delaware 19713
(302) 266-8200
(Name, address (including zip code) and telephone number (including
area code) of agent for service in the United States)
Copy to:
François Duquette
Chief Legal Officer and Corporate Secretary
The Lion Electric Company
921 chemin de la Rivière-du-Nord
Saint-Jerome (Quebec) J7Y 5G2
Tel: (450) 432-5466 Ext. 395
Securities registered or to be registered pursuant to
Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Common Shares |
LEV |
New York Stock Exchange |
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Warrants |
LEV.WS |
New York Stock Exchange |
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Common Share Purchase Warrant |
LEV.WSA |
New York Stock Exchange |
Securities registered or to be registered pursuant to
Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act: None
For annual reports, indicate by check mark the information filed
with this Form:
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☒ Annual information form
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☒ Audited annual financial statements
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Indicate the number of outstanding shares of each of the issuer’s
classes of capital or common stock as of the close of the period
covered by the annual report.
The Registrant had
218,079,962
common shares issued and outstanding as of December 31,
2022
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange
Act during the preceding 12 months (or for such shorter period that
the Registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90
days.
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Yes
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No
Indicate by check mark whether the Registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
Registrant was required to submit such files).
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Yes
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No
Indicate by check mark whether the Registrant is an emerging growth
company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company.
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If an emerging growth company that prepares its financial
statements in accordance with U.S. GAAP, indicate by check mark if
the Registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting
standards† provided pursuant to Section 13(a) of the Exchange
Act.
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† The term “new or revised financial accounting standard” refers to
any update issued by the Financial Accounting Standards Board to
its Accounting Standards Codification after April 5,
2012.
Indicate by check mark whether the Registrant has filed a report on
and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the
registered public accounting firm that prepared or issued its audit
report.
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If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the
Registrant included in the filing reflect the correction of an
error to previously issued financial statements.
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Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based
compensation received by any of the Registrant’s executive officers
during the relevant recovery period pursuant to
§240.10D-1(b).
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EXPLANATORY NOTE
The Lion Electric Company (“Lion”,
“we”,
“our”,
“us”,
“the
Company”)
is a Canadian issuer that is permitted, under the
multijurisdictional disclosure system (the “MJDS”)
adopted in the United States by the U.S. Securities and Exchange
Commission (the “Commission”),
to prepare this Annual Report on Form 40-F (this
“Annual
Report”)
pursuant to Section 13 of the Securities Exchange Act of 1934, as
amended (the “Exchange
Act”),
in accordance with Canadian disclosure requirements, which are
different from those of the United States. The Company is a
“foreign private issuer” as defined in Rule 3b-4 under the Exchange
Act and Rule 405 under the Securities Act of 1933, as amended (the
“Securities
Act”).
Equity securities of the Company are accordingly exempt from
Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act
pursuant to Rule 3a12-3 thereunder. The Company’s common shares are
listed on the New York Stock Exchange (the “NYSE”)
and the Toronto Stock Exchange under the trading symbol
“LEV”.
All amounts presented are in United States dollars unless otherwise
indicated.
In this Annual Report, references to “Lion”, “we”, “our”, “us”,
“the Company” or similar terms refer to The Lion Electric Company
and our subsidiaries, on a consolidated basis.
FORWARD LOOKING STATEMENTS
This Annual Report and the documents filed as Exhibits hereto
contain “forward-looking information” and “forward-looking
statements” within the meaning of applicable Canadian securities
legislation and within the meaning of the United States Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act and Section 21E of the Exchange Act (collectively,
“forward-looking
statements”).
Any statements contained in this Annual Report and the documents
filed as Exhibits hereto that are not statements of historical
fact, including statements about Lion’s beliefs and expectations,
are forward-looking statements and should be evaluated as
such.
The Company’s actual future results may be materially different
from any future results expressed or implied by these
forward-looking statements.
The forward-looking statements represent the Company’s views as of
the date they are made. The Company anticipates that subsequent
events and developments may cause these views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company has no current
intention of doing so except to the extent required by applicable
law. Therefore, these forward-looking statements do not represent
the Company’s views as of any date other than the date they are
made.
See Lion’s annual information form for the year ended December 31,
2022, attached as Exhibit 99.1 to this Annual Report (the
“Lion
2022 AIF”),
under the heading “Cautionary Note Regarding Forward-Looking
Statements” and Lion’s management’s discussion and analysis for the
year ended December 31, 2022, attached as Exhibit 99.2 to this
Annual Report (the “Lion
2022 MD&A”),
under the heading “Caution Regarding Forward-Looking Statements,”
for a discussion of forward-looking statements.
DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING
PRACTICES
The Company is permitted, under the MJDS, to prepare this report in
accordance with Canadian disclosure requirements, which are
different from those of the United States. The Company prepares its
consolidated financial statements, which are filed as Exhibit 99.3
to this Annual Report, in accordance with International Financial
Reporting Standards as issued by the International Accounting
Standards Board, and which are not comparable to financial
statements of United States companies.
CONTROLS AND PROCEDURES
A. Disclosure Controls and Procedures
The information provided in the section entitled “Evaluation of
Disclosure Controls and Procedures” under the heading “Internal
Control over Financial Reporting” contained in the Lion 2022
MD&A is incorporated by reference herein.
B. Management’s Annual Report on Internal Controls over Financial
Reporting
The information provided in the section entitled “Management’s
Assessment on Internal Control over Financial Reporting” under the
heading “Internal Control over Financial Reporting” contained in
the Lion 2022 MD&A is incorporated by reference
herein.
C. Changes in Internal Controls over Financial
Reporting
The information provided in the section entitled “Changes in
Internal Control over Financial Reporting” under the heading
“Internal Control over Financial Reporting” contained in the Lion
2022 MD&A is incorporated by reference herein.
NOTICES PURSUANT TO REGULATION BTR
The Company was not required by Rule 104 of Regulation BTR to send
any notices to any of its directors or executive officers or to the
Commission during the fiscal year ended December 31,
2022.
AUDIT COMMITTEE AND AUDIT COMMITTEE FINANCIAL EXPERT
A. Identification of Audit Committee
The Company’s board of directors (the “Board”)
has a separately designated standing audit committee (the
“Audit
Committee”)
established in accordance with Section 3(a)(58)(A) of the Exchange
Act and satisfies the requirements of Rule 10A-3 of the Exchange
Act. The Company’s Audit Committee is composed of three directors,
namely Michel Ringuet, Latasha Akoma and Ann L. Payne, all of whom,
in the opinion of the Board, are financially literate and meet the
independence requirements under the listing standards of the NYSE
and under Rule 10A-3 of the Exchange Act.
B. Audit Committee Financial Expert
The Company’s Board has determined that it has at least one ''audit
committee financial expert'' serving on its Audit Committee. The
Board has determined that each of Michel Ringuet, Latasha Akoma and
Ann L. Payne is an “audit committee financial expert,” as that term
is defined in the Form 40-F, and is independent within the meaning
of applicable Commission regulations and the listing standards of
the NYSE.
The Commission has indicated that the designation of a person as an
''audit committee financial expert'' does not make such person an
“expert” for any purpose, including, without limitation, for
purposes of Section 11 of the Securities Act, impose on such person
any duties, obligations or liability that are greater than the
duties, obligations or liability imposed on such person as a member
of the Audit Committee and the Board in the absence of such
designation and does not affect the duties, obligations or
liability of any other member of the Audit Committee or
Board.
CODE OF ETHICS
The Board has adopted a written code of conduct and ethics (the
“Code
of Ethics”)
applicable to all directors, officers and employees of the Company,
including, without limitation, to its principal executive officer,
principal financial officer, principal accounting officer or
controller, or persons performing similar functions. This Code of
Ethics is intended to qualify as a “code of ethics” within the
meaning of the applicable rules of the Commission. The Code of
Ethics, as amended, is available on the Company’s website at
ir.thelionelectric.com and on SEDAR at www.sedar.com. Except for
the Code of Ethics, and notwithstanding any reference to the
Company’s website or other websites in this Annual Report or in the
documents incorporated by reference herein or attached as Exhibits
hereto, no information contained on the Company’s website or any
other site shall be incorporated by reference in this Annual Report
or in the documents incorporated by reference herein or attached as
Exhibits hereto.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
A. Principal Accountant Fees
Raymond Chabot Grant Thornton LLP (“RCGT”)
acted as the Company’s independent registered public accounting
firm for the fiscal year ended December 31, 2022. See the
information provided in the section entitled “External Auditor
Service Fees” under the heading “Audit Committee Information”
contained in the Lion 2022 AIF, which information is incorporated
by reference herein, for the total amount billed to the Company by
RCGT for certain services rendered to the Company during the last
two fiscal years, by category of service (for audit fees, audit
related fees, tax fees and all other fees).
B. Pre-Approval Policies and Procedures
See the information provided in the section entitled “Pre-Approval
Policies and Procedures” under the heading “Audit Committee
Information” contained in the Lion 2022 AIF, which information is
incorporated by reference herein, for the Audit Committee’s
pre-approval policies and procedures.
The amount of audit-related fees, tax fees and all other fees
billed to the Company by RCGT for certain services rendered to the
Company during the last two fiscal years are set forth in the
section entitled “External Auditor Service Fees” under the heading
“Audit Committee Information” contained in the Lion 2022 AIF. All
such fees have been pre-approved by the Audit Committee and
therefore none of the services in consideration of which such fees
were charged were approved by the Audit Committee pursuant to
paragraph (c)(7)(i)(c) of Rule 2-01 of Regulation S-X.
The percentage of hours expended on RCGT’s engagement to audit the
Company’s financial statements for the year ended December 31, 2022
that were attributed to work performed by persons other than RCGT’s
full-time, permanent employees does not exceed 50
percent.
OFF-BALANCE
SHEET ARRANGEMENTS
The Company does not have any commitments or obligations, including
contingent obligations, arising from arrangements with
unconsolidated entities or persons that have or are reasonably
likely to have a material current or future effect on the Company’s
financial condition, changes in financial condition, revenues or
expenses, results of operations, liquidity, cash requirements or
capital resources.
TABULAR
DISCLOSURE
OF CONTRACTUAL OBLIGATIONS
Information regarding our material cash requirements from known
contractual and other obligations is included in the section
entitled “Maturity analysis of contractual obligations” under the
heading “Liquidity and Capital Resources” contained in the Lion
2022 MD&A.
MINE SAFETY DISCLOSURE
Not Applicable.
CORPORATE GOVERNANCE
The NYSE Listed Company Manual includes certain accommodations in
the corporate governance requirements that allow foreign private
issuers, such as Lion, to follow “home country” corporate
governance practices in lieu of the otherwise applicable corporate
governance standards of the NYSE. The application of such
exceptions requires that Lion disclose any significant ways in
which its corporate governance practices differ from the NYSE
Listed Company Manual that it does not follow. From time to time,
Lion intends to follow Canadian corporate governance practices,
including with respect to certain independence criteria as well as
the composition of Board committees. As of the date hereof, Lion
follows Canadian corporate governance practices in respect of the
requirement under the NYSE Listed Company Manual that a
compensation committee be comprised solely of independent
directors, and the requirement under the NYSE Listed Company Manual
that director nominees be selected or recommended for selection by
a nominations committee comprised solely of independent
directors.
If at any time Lion ceases to be a foreign private issuer, Lion
will take all action necessary to comply with the Commission and
NYSE rules, including by having compensation and nominating
committees that are comprised solely of independent directors,
subject to a permitted “phase-in” period.
The NYSE Listed Company Manual generally requires that a listed
company’s by-laws provide for a quorum for any meeting of the
holders of the company’s voting shares that is sufficiently high to
ensure a representative vote. Pursuant to the NYSE Listed Company
Manual, Lion, as a foreign private issuer, has elected to comply
with practices that are permitted under Canadian securities laws in
lieu of the provisions of NYSE. Lion’s by-laws provide that a
quorum of shareholders shall be at least two holders present in
person or represented by proxy who, together, hold not less than
25% of the votes attaching to Lion’s outstanding shares entitled to
be voted at the meeting. Lion may in the future decide to use other
foreign private issuer exemptions with respect to some of the other
NYSE Listed Company Manual rules. Following Lion’s home country
governance practices, as opposed to the requirements that would
otherwise apply to a company listed on the NYSE, may provide less
protection than is accorded to investors under the NYSE Listed
Company Manual rules applicable to U.S. domestic
issuers.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS
Not applicable.
RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
A. Undertaking
The Registrant undertakes to make available, in person or by
telephone, representatives to respond to inquiries made by the
Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to: the securities
registered pursuant to Form 40-F; the securities in relation to
which the obligation to file an annual report on Form 40-F arises;
or transactions in said securities.
B. Consent to Service of Process
The Registrant has previously filed a Form F-X in connection with
the class of securities in relation to which the obligation to file
this report arises.
Any change to the name or address of the agent for service of
process of the Registrant shall be communicated promptly to the
Commission by an amendment to the Form F-X referencing the file
number of the Registrant.
EXHIBIT INDEX
This Annual Report on Form 40-F and Exhibits 99.1, 99.2 and 99.3
included with this report are hereby incorporated by reference as
exhibits to the registrant’s Registration Statement on Form F-10
(File No. 333-265627), as amended and supplemented and to be a part
thereof from the date on which this report is submitted, to the
extent not superseded by documents or reports subsequently filed or
furnished.
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Exhibit
Number
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Description of Exhibit |
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99.1 |
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99.2 |
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99.3 |
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99.4 |
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99.5 |
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99.6 |
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99.7 |
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99.8 |
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101 |
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Interactive Data File (formatted as Inline XBRL) |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL and
contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant
certifies that it meets all of the requirements for filing on Form
40-F and has duly caused this Annual Report to be signed on its
behalf by the undersigned, thereto duly authorized.
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THE LION ELECTRIC COMPANY |
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Date: March 10, 2023
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By: |
/s/ Nicolas Brunet |
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Name: |
Nicolas Brunet |
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Title: |
Executive Vice President & Chief Financial Officer |
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