Item
8.01. Other Events.
A special meeting of the Company’s
stockholders has been and is still scheduled to occur on Friday, April 23, 2021 at 10:00 a.m. Eastern for stockholders’ consideration
of the Company’s initial business combination and the other proposals described in its definitive proxy statement mailed to stockholders
on or about March 24, 2021. As noted above, the terms and quantum of the warrants and all other securities issued by the Company have
not changed and the restatement is not indicative of any change in management’s expectations regarding the business prospects for
the Company. The restatement is required for alignment with the SEC’s Public Statement and would be undertaken regardless of the
completion of the business combination. For those and other reasons, the Company does not believe the restatement should materially impact
its stockholders’ consideration of the business combination proposal and other proposals to be considered and voted upon at the
meeting.
Important Information and Where to Find It
In connection with the proposed
business combination, Lion Electric filed a registration statement on Form F-4 with the SEC that was declared effective on March 24, 2021
(the “Registration Statement”), which includes a proxy statement of Northern Genesis and a prospectus of Lion Electric. The
Registration Statement has been declared effective by the SEC and the definitive proxy statement/prospectus has been mailed out to Northern
Genesis’ stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration
Statement and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing,
and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern
Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint
Proxy Statement/Prospectus and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained
by the SEC at www.sec.gov or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City,
MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release
is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors
and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’
stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants
in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Directors
and Executive Officers” in its Annual Report on Form 10-K which was filed with the SEC on March 9, 2021. Additional information
regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or
otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus
and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they
become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully
before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not
constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.
No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement,
shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Forward-Looking Statements
All statements other than
statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include
forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking
statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “could,”
“plan,” “project,” “potential,” “seem,” “seek,” “future,” “target”
or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although
not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements
regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements
are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s
and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks
and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis,
and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and
reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the
Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion
Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed
or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Joint Proxy Statement/Prospectus,
as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These
factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may
be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently
believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition,
forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events
and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments
will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking
statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except
as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and
Lion Electric’s assessments as of any date subsequent to the date of this press release.