Lightning eMotors, Inc.: going-concern / distress — Lightning eMotors placed into receivership; all directors resign; shareholders unlikely to recover

Lightning eMotors, Inc.

Colorado court appointed Cordes & Company as receiver on Dec 15, 2023; receiver can sell all assets and distribute proceeds to creditors.
Shareholders will not receive any distributions from the receivership.
All seven board members resigned, including Chairman Robert Fenwick-Smith, due to the receiver appointment.
Receiver's appointment triggers default under senior notes and other financing arrangements.

item 1.03 item 2.04 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Robert Fenwick-Smith

Chairman of the Board, Chair of the Finance and Investment Committee

Lightning eMotors, Inc.

Effective: 2023-12-15
Filed: December 18, 2023, 6:59 PM ET

all members of the Company’s Board of Directors resigned from their respective positions on the Company’s Board and Committees, namely: • Robert Fenwick-Smith, Chairman of the Board, Chair of the Finance and Investment Committee

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Lightning eMotors, Inc. entered receivership in District Court, Larimer County, State of Colorado (petition 2023-12-15).

Proceeding: receivership
Court: District Court, Larimer County, State of Colorado
Petition: 2023-12-15

Exact text from the filing

On December 15, 2023, the District Court, Larimer County, State of Colorado (the “Court”), appointed Cordes & Company as receiver (the “Receiver”) over Lightning eMotors, Inc. and its wholly owned subsidiary, Lightning Systems, Inc. (together, the “Company”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Fenwick-Smith resigned as Chairman of the Board, Chair of the Finance and Investment Committee at Lightning eMotors, Inc..

Action: resigned
Role: Chairman of the Board, Chair of the Finance and Investment Committee

Exact text from the filing

all members of the Company’s Board of Directors resigned from their respective positions on the Company’s Board and Committees, namely: • Robert Fenwick-Smith, Chairman of the Board, Chair of the Finance and Investment Committee

View on SEC.gov

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Source: SEC EDGAR

accession 0001802749-23-000143

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