Lightning eMotors, Inc.: going-concern / distress — Lightning eMotors sells assets for $12.6M in receivership; shareholders receive no distribution

Lightning eMotors, Inc.

Asset sale to GERCO LLC closed Feb 23, 2024 for $12.6M cash.
Court approved the sale on Feb 16, 2024, free of all liens.
Proceeds net of expenses go to creditors per court order; shareholders get nothing.
Purchaser will not continue the zero-emission vehicle business.

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 of Larimer County, State of Colorado (petition 2024-01-23).

Proceeding: receivership
Court: District Court of Larimer County, State of Colorado
Petition: 2024-01-23

Exact text from the filing

on January 23, 2024, Cordes & Company, in its capacity as receiver (the “Receiver”) over Lightning eMotors, Inc. and its wholly owned subsidiary, Lightning Systems, Inc. (together, the “Company”), entered into an Asset Purchase Agreement

View on SEC.gov

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Source: SEC EDGAR

accession 0001802749-24-000014

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