Lightning eMotors, provider of zero-emission medium-duty commercial vehicles and electric vehicle technology for fleets, has entered into an asset purchase agreement through an appointed receiver, Cordes & Company. Under the agreement, Lightning eMotors will sell substantially all of its assets for $12.6 million in cash to the buyer, free and clear of all liens, claims, encumbrances, interests and liabilities, subject to adjustment. The asset sale will allow the company to sell off its technologies and products to a new owner rather than go through liquidation or bankruptcy proceedings.

“The closing of the transaction is contingent upon the approval and authorization of the District Court of Larimer County, State of Colorado,” Lightning eMotors said. “The funds received from the closing of the transactions will be distributed by the receiver to the company’s creditors under its applicable priorities and as ordered by the court. The company’s shareholders will not receive any distributions in the receivership or as a result of the transaction.”