Lightning eMotors to Liquidate Assets

Lightning eMotors to Liquidate Assets

Through its receivership, the company plans to use the funds to pay its creditors.

Lightning eMotors, a Loveland, Colorado-based manufacturer of electric vehicles for commercial fleets, and its wholly owned subsidiary, Lightning Systems Inc., recently announced that the company is liquidating its assets to pay its creditors.

Cordes & Co., 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. 

Closing of the transaction is contingent upon approval from the District Court of Larimer County in Colorado.

Cordes & Co. will distribute the funds to the company’s creditors “pursuant to their applicable priorities and as ordered by the court,” Lightning eMotors explained in a statement.  

None of the funds from the transaction will go to Lightning’s shareholders.

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 added.

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