Lion Electric Shares Surge Over 100% After Debt Restructuring and Layoffs

Lion Electric Co. shares surged by up to 96% during intraday trading on the Toronto Stock Exchange, with prices temporarily rising as much as 180% during Monday's session. This surge in stock value followed the electric vehicle manufacturer's announcement of providing temporary relief to its creditors over the weekend. Additionally, the company announced plans to lay off 400 employees and suspend operations at its manufacturing facility in Illinois. Despite the initial sharp rise, the stock later retreated, giving back nearly half of its previous gains. Shares traded on U.S. exchanges also saw a significant increase, reaching up to 60% before trading was temporarily halted in New York. Since the beginning of the year, the company's shares have lost 80% of their value, making Lion Electric the worst-performing stock in the index this year.