Lion Electric stock soars toward a 5-month high after EV maker announces $142 million in financing agreements

Shares of Lion Electric Co.
LEV,
+7.02%
charged up 11.8% toward a five-month high in morning trading Monday, after the electric semi truck and bus maker announced financing agreements that results in gross proceeds of $142 million. The financing includes the private placement of 13% convertible debt for proceeds of $74 million, the private placement of 11% nonconvertible debt for proceeds of C$90 million ($68.1 million) and the issuance of warrants to buy 22.5 million common shares. The Montreal-based company plans to use the proceeds for working capital, to bolster its balance sheet and for capacity expansion projects. The stock has gained 20.3% over the past three months, while the Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
+0.88%
has rallied 16.2% and the S&P 500
SPX,
+0.71%
has advanced 8.8%.