Lion Electric $4 Million SPAC Stockholder Settlement, Who Qualifies and How to File by January 30, 2027

Lion Electric $4 Million Settlement: Claim Deadline January 30, 2027

Former stockholders of Northern Genesis Acquisition Corp. (NGA), the special purpose acquisition company (SPAC) that took The Lion Electric Company public in 2021, may be eligible for a share of a proposed $4,000,000 cash settlement in the Delaware Court of Chancery.

You may qualify if you held NGA Class A common stock on April 21, 2021 (the Redemption Deadline) and did not redeem all of your shares. To be paid, you must submit a Proof of Claim and Release online or by mail postmarked no later than January 30, 2027. Objections are due earlier, by November 13, 2026, and the Settlement Hearing is set for December 1, 2026, at 11:00 a.m. Eastern Time.

Official settlement website and claim form: www.LionElectricStockholdersLitigation.com

The case is Schachter, et al. v. Robertson, et al., C.A. No. 2023-1112-NAC. The defendants are seven individuals who served as NGA directors, officers or alleged controllers. They deny all allegations of wrongdoing, and the Court has not decided the merits of the claims.

Important: This is a proposed settlement awaiting final court approval, not a completed payout. The $4 million is the gross amount. The money available to claimants will be lower after court-approved attorneys’ fees, litigation expenses, notice and administration costs, and other authorized deductions.

Lion Electric SPAC Settlement: Quick Facts

Settlement Detail	Information
Gross settlement amount	$4,000,000 in cash
Official settlement website and claim form	www.LionElectricStockholdersLitigation.com
Case name	Schachter, et al. v. Robertson, et al.
Case number	C.A. No. 2023-1112-NAC
Court	Court of Chancery of the State of Delaware
Original SPAC	Northern Genesis Acquisition Corp. (NGA)
Company involved in the merger	The Lion Electric Company
Defendants	Ian Robertson, Ken Manget, Christopher Jarratt, Michael Hoffman, Paul Dalglish, Brad Sparkes and Robert Schaefer
Settlement agreement dated	August 26, 2026
Eligibility date	April 21, 2021 (Redemption Deadline)
Objection deadline	November 13, 2026
Settlement Hearing	December 1, 2026, at 11:00 a.m. ET, before Vice Chancellor Nathan A. Cook
Claim deadline	January 30, 2027 (online or postmarked)
Claim form required	Yes, Proof of Claim and Release
Payment method	Pro rata from the net settlement fund under the Plan of Allocation
Opt-out right	None; non-opt-out class
Claims administrator	JND Legal Administration
Administrator phone	1-855-961-0957
Administrator email	[email protected]
Mailing address	Lion Electric Stockholders Litigation, c/o JND Legal Administration, P.O. Box 91250, Seattle, WA 98111

Who Qualifies for the Lion Electric $4 Million Settlement?

Settlement class definition: All persons who held shares of Northern Genesis Acquisition Corp. Class A common stock as of April 21, 2021 (the Redemption Deadline), either of record or beneficially, and who elected not to redeem all of those shares in connection with the Lion Electric business combination. The class also includes successors-in-interest who obtained such shares by operation of law, but excludes Excluded Persons.

In plain English, the class is defined by what you owned on one specific date and what you chose to do at the redemption stage. Where you live does not matter.

1. Investors Who Kept Their NGA Class A Shares

The central requirement is that you held NGA Class A common stock on April 21, 2021, and did not redeem all of your shares. If you held shares through a brokerage account, you may be a beneficial holder even though your broker or another nominee appeared as the registered holder.

Holding shares on that date does not by itself guarantee payment. You must meet the class definition and submit a valid, timely claim.

2. Investors Who Redeemed Only Some of Their Shares

The class covers holders who elected not to redeem all of their shares, so an investor who redeemed only part of a holding may still fall within the class. However, the Plan of Allocation and the claim instructions decide which shares count toward a distribution. An investor who redeemed all of their shares should not assume they qualify.

Check your brokerage statements and redemption records rather than relying only on your current account balance.

3. Who Does Not Qualify

• Investors who bought Lion Electric shares after the merger, simply because they invested in the combined company.
• Holders who redeemed all of their NGA Class A shares.
• Holders of other securities, such as warrants, unless the official notice separately covers them.
• Excluded Persons: the defendants, members of their immediate families, related entities in which they have a controlling interest, and their legal representatives, heirs, successors or assignees, to the extent they held shares as of the Redemption Deadline. Certain trusts or accounts held for the benefit of Excluded Persons are also excluded.

This is a settlement for a specific group of SPAC stockholders. It is not a general refund program for everyone who lost money on Lion Electric.

What Happened in the Lion Electric and Northern Genesis Merger?

A SPAC raises money from investors and later merges with an operating business to take it public. Northern Genesis Acquisition Corp. entered into a business combination with electric-vehicle manufacturer Lion Electric, announced on November 30, 2020, and completed on May 6, 2021.

Before the deal closed, NGA public shareholders had a choice: redeem their shares for their portion of the SPAC trust account, or keep their shares and stay invested in the combined company. That choice is at the heart of the lawsuit.

Why the April 21, 2021 Redemption Deadline Matters

Shareholders decide whether to redeem or stay invested based on the information made available to them. The plaintiffs challenged the process and disclosures around the merger as they affected stockholders who chose not to redeem. The April 21, 2021 date is not arbitrary: it defines the group of stockholders whose claims are being settled.

What Did the Lion Electric Stockholder Lawsuit Allege?

The complaint was filed in the Delaware Court of Chancery on November 1, 2023. Plaintiffs alleged that the NGA directors, officers and alleged controllers breached their fiduciary duties in connection with the 2021 business combination, and also asserted a related unjust enrichment claim.

In plain English, the claims asked whether the people running the SPAC acted in the best interests of public stockholders, including allegations that they prioritized their own interests and presented an overly optimistic picture of Lion Electric’s value and prospects to stockholders who chose not to redeem.

The defendants deny any wrongdoing, fault, liability or damages. The settlement resolves the action without any admission of liability and does not establish that the alleged breaches occurred.

Is the $4 Million Settlement Against Lion Electric Itself?

The proposed settlement is with the seven individual defendants named in the agreement. The settlement materials do not identify The Lion Electric Company as a settling defendant. This Delaware case also should not be confused with any separate securities litigation or with Lion Electric’s later corporate restructuring, which this settlement does not address. Release terms differ from case to case, so read the official notice for exactly which claims are being released.

For another example of stockholder litigation over alleged fiduciary-duty breaches in a merger, see the Quotient Technology $48M Stockholder Settlement.

How Much Will Each Lion Electric Settlement Claimant Receive?

The settlement creates a $4,000,000 gross cash fund. It does not promise a fixed payment to any stockholder.

The Net Settlement Fund is what remains after court-approved attorneys’ fees and expenses (including any incentive awards to the named plaintiffs), notice and administration costs, and other authorized deductions. It will be distributed pro rata to eligible Class Members who submit valid and timely claims, under the Plan of Allocation approved by the Court.

How the Payment Is Calculated

Your payment depends on the shareholding information accepted in your Proof of Claim and Release, the number of valid claims filed, and the final deductions. Do not divide $4 million by the number of claimants and expect that result: investors held different numbers of shares, and the deductions reduce the fund.

Why There Is No Guaranteed Minimum Payment

No minimum or per-share amount has been confirmed. Before anything is paid, the Court must decide whether to approve the settlement, the Plan of Allocation and the fee and expense request. Submitting a claim does not guarantee payment.

For another SPAC-related settlement with a claim deadline and pro rata payments, see the Atlas Crest and Archer Aviation $15M settlement.

How to File a Lion Electric Settlement Claim by January 30, 2027

You must submit a valid claim to receive money. If you do not file, you remain bound by the release of claims but receive nothing from the fund.

Step 1: Visit the Official Settlement Website

Go to www.LionElectricStockholdersLitigation.com, where you can download the full Notice and the Proof of Claim and Release Form. You can also request them from JND Legal Administration at 1-855-961-0957.

Step 2: Gather Your NGA Share Records

Collect brokerage statements, trade confirmations, statements showing your balance on or near April 21, 2021, and any records of shares you redeemed. Follow the official form for the exact information and documentation required.

Step 3: Complete the Proof of Claim and Release

Enter your identifying information and your NGA Class A holdings as of the Redemption Deadline, and make sure everything matches your records. Read the release language carefully before signing.

Step 4: Submit Online or by Mail

Submit the form online or mail it postmarked no later than January 30, 2027 to:

Lion Electric Stockholders Litigation c/o JND Legal Administration P.O. Box 91250 Seattle, WA 98111

Keep a copy of your claim and any confirmation. If you held shares through a broker, contact the administrator if you need help identifying the records required.

Step 5: Watch for Court Updates

Check the settlement website for hearing changes, claim-status information and any later distribution announcement.

Can Class Members Opt Out or Object?

This is a non-opt-out class under Delaware Court of Chancery Rules 23(a) and 23(b)(1). Class Members cannot exclude themselves and are bound by the judgment and releases if the settlement is finally approved, even if they file no claim.

How to Object by November 13, 2026

Any Class Member may object to the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and expenses (including incentive awards). The objection must be filed with the Register in Chancery and delivered to Plaintiffs’ Lead Counsel and Defendants’ Counsel so it is received no later than November 13, 2026. Follow the detailed instructions in the full Notice.

An objection is not the same as opting out, and it does not guarantee the Court will change the settlement.

What Happens at the December 1, 2026 Hearing?

Vice Chancellor Nathan A. Cook is scheduled to hold the Settlement Hearing at 11:00 a.m. ET on December 1, 2026, at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801. The Court will consider whether the settlement is fair, reasonable and adequate, whether to approve the Plan of Allocation, and whether to award the requested fees and expenses. Final approval is not guaranteed, and hearing details can change, so confirm them on the official website.

For a similar SPAC merger settlement, see the FTAC II and Paysafe $59.5M settlement.

Lion Electric Settlement Key Dates

Event	Date
Merger announced	November 30, 2020
NGA Redemption Deadline	April 21, 2021
Merger completed	May 6, 2021
Delaware stockholder complaint filed	November 1, 2023
Stipulation of Settlement dated	August 26, 2026
Summary Notice published	October 16, 2026
Objection deadline	November 13, 2026
Settlement Hearing	December 1, 2026, 11:00 a.m. ET
Proof of Claim deadline	January 30, 2027
Payment distribution	Not yet set; depends on final approval and administration

Lion Electric $4 Million Settlement FAQs

Does every Lion Electric investor qualify?

No. The class is limited to people who held NGA Class A common stock on April 21, 2021, and did not redeem all of their shares. Buying Lion Electric stock after the merger does not qualify you by itself.

Is the settlement final?

No. It is proposed and awaits the Court’s decision at the December 1, 2026 hearing.

Do I need to file a claim?

Yes, to receive money. You must submit a valid Proof of Claim and Release by January 30, 2027. You are bound by the release either way.

How much will I receive?

No fixed amount has been confirmed. Payments are pro rata from the Net Settlement Fund under the approved Plan of Allocation.

Can I opt out?

No. It is a non-opt-out class under Court of Chancery Rules 23(a) and 23(b)(1). You may object by November 13, 2026.

Is this related to Lion Electric’s later bankruptcy or restructuring?

No. This case concerns only the 2021 SPAC merger process and the conduct of NGA’s directors, officers and alleged controllers at that time.

Who are the defendants?

Ian Robertson, Ken Manget, Christopher Jarratt, Michael Hoffman, Paul Dalglish, Brad Sparkes and Robert Schaefer.

Who administers the settlement?

JND Legal Administration, at 1-855-961-0957 or [email protected].

Where can I get the Notice and claim form?

At www.LionElectricStockholdersLitigation.com, or from JND Legal Administration by phone or mail.

Final Takeaway: File by January 30, 2027

If you held NGA Class A common stock on April 21, 2021, and did not redeem all of your shares, you are likely a Class Member in this proposed $4 million settlement. Review your brokerage and redemption records, read the official Notice, and submit a complete Proof of Claim and Release by January 30, 2027. Objections are due November 13, 2026, and the Court considers final approval on December 1, 2026. Do not assume a fixed payment or treat the settlement as final before the Court rules.

This article is for informational purposes only and is not legal advice. AllAboutLawyer.com is a consumer legal information site, not a law firm. The defendants deny wrongdoing, and the Court has not made a final determination on the merits. Eligibility and payment depend on the settlement terms, the approved Plan of Allocation and your own records. Review the official Notice and consult your own advisor about your rights.

Sources

1. Summary Notice of Pendency and Proposed Settlement of Stockholder Class Action, Schachter, et al. v. Robertson, et al., C.A. No. 2023-1112-NAC (Del. Ch.), published by JND Legal Administration, October 16, 2026.
2. Official settlement website: Lion Electric Stockholders Litigation, including the class definition, claim instructions and administrator contacts.
3. Official settlement dates: Key Dates.
4. Full Notice: Notice of Pendency and Proposed Settlement of Stockholder Class Action, dated October 16, 2026.
5. Corporate disclosure: The Lion Electric Company 2023 Annual Information Form, SEC.
6. Delaware Court of Chancery docket, C.A. No. 2023-1112-NAC, for the final approval ruling and any updates to the Plan of Allocation.