HomeManufacturingLightning eMotors Enters Receivership to Sell Off Company

Lightning eMotors Enters Receivership to Sell Off Company

The Securities and Exchange Commission approved bankruptcy advisor Cordes & Company as the receiver of all assets owned by commercial fleet electric powertrain manufacturer Lightning eMotors of Loveland, Colorado.

The SEC filing on Thursday came one day after investor Cupola Infrastructure Income Fund LLLP filed a suit in Larimer County District Court in Colorado seeking that Lightning eMotors and its wholly owned subsidiary Lightning Systems, Inc. be placed into receivership.

The New York Stock Exchange delisted Lightning eMotors in October. Shares fell from a high of $325.60 on Jan. 22, 2021, to $0.44 at Thursday’s close of the over-the-counter market.

In August, Lightning announced its vehicles had surpassed 5 million all-electric miles. A month later, the company posted record revenue of $12.3 million in its third-quarter results but noted that the continuation of the company hinged upon attaining and sustaining profitable operations and/or raising capital. At the time, the filing indicated the company only had $6 million cash and cash equivalents compared to $56 million as of Dec. 31, 2022.

Lightning eMotors produced electric drives for Ford Transits, Ford E-450s Ford F-59 step vans, and the Chevrolet Low Cab Forward 6500XD trucks. In 2021, Collins Bus Corporation announced Lightning would power its Type A electric school bus on both Ford and GM platforms. Initial orders began to be filled this past summer.

An email seeking comment that was sent to a spokesperson for REV Group, the parent company of Collins Bus, was not answered as of this report.

Related: Los Angeles County Sets Roadmap for New Electric School Bus Sales in Four Years
Related: Collins, Ford Pro Collaborate on Latest Electric Type A School Bus
Related: EPA Seeks Videos Documenting the Electric School Bus Experience

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