Lightning eMotors, Inc. and its wholly owned subsidiary, Lightning Systems, Inc., 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.
The agreement includes the sale of 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 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'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.
In the company's last press release in November 2023, it noted a GAAP revenue of $12.4 million, the highest quarterly revenue in the company's history and the sale of 110 units. During that quarter, the manufacturer produced 55 units. It experienced a net loss of $50.7 million duing that same quarter, "largely due to non-cash impairments of $22.9 million," according to a company statement.
Work Truck will continue to provide updates regarding the sale and what this means for work truck fleets that operate these vehicles.