Lightning eMotors, Inc. is liquidating its assets.
Cordes & Company, in its capacity as receiver of the company, has entered into an asset purchase agreement to sell substantially all of the assets of the company, free and clear of all liens, claims, encumbrances, interests and liabilities, for $12.6 million in cash, subject to adjustment.
The closing of the transaction is contingent upon the approval and authorization of the District Court of Larimer County, state of Colorado (the court). The funds received from the closing of the transactions will be distributed by Cordes & Company to Lightning eMotors creditors pursuant to their applicable priorities and as ordered by the court.
Lightning eMotors shareholders will not receive any distributions in the receivership or as a result of the transaction. Under the Asset Purchase Agreement, Cordes & Company does not intend to carry on the business of Lightning eMotors, including the business of selling and servicing of zero-vehicle emission vehicles.
Some of the recent contracts Lightning emotors received includes five Lightning ZEV4™ shuttle buses for St. Louis Lambert International Airport and the deployment of two Lightning ZEV3™ Class 3 passenger vans in partnership with the Utah Clean Cities East Zion pilot shuttle program, as well as supplying six Lightning EV4™ electric shuttle buses to Vanderbilt University.
The move by Lightning eMotors to liquidate its assets is the latest challenge to the transit bus market that has impacted both heavy duty and light duty vehicle procurements and follows hyperinflation, persistent supply chain issues, REV Group’s decision to close its ElDorado National-California business, Proterra’s bankruptcy and the pending exit of Nova Bus from the U.S. market.
