Shares of Lion Electric jumped in early trading Monday after the company said it temporarily laid off staff and extended debt deadlines with its lenders. Shares trading in Toronto rose 29% to 33 Canadian cents (24 cents).

MONTREAL — Electric bus manufacturer Lion Electric is temporarily laying off 400 employees and shutting down production at its Illinois plant after getting a two-week reprieve from its lenders.

Lion Electric will temporarily lay off more than half its workforce and said its lenders have agreed to extend the suspension of its debt covenants and the maturity of its loans by two weeks. The embattled Montreal manufacturer of all-electric medium and heavy-duty urban vehicles Sunday said it will temporarily lay off about 400 employees in both Canada and the U.

Lion Electric Company (LEV) has released an update. Lion Electric Company is taking significant steps to address its financial challenges by