Share:
NextGen Acquisition Corp. (NASDAQ: NGAC).
The deal values the combined company at a $2-billion pro forma equity value, at a price of $10 per NextGen share.
The transaction will provide $575 million of gross proceeds for Xos, including a $220-million oversubscribed and fully committed common stock PIPE at $10 per share anchored by Janus Henderson Investors and a consortium of truck dealers led by Thompson Truck Centers.
Shares will trade as XOS on the Nasdaq if the merger is approved.
About Xos: Founded in 2016, the company designs and develops fully electric battery mobility systems for commercial fleets, focusing primarily on medium- and heavy-duty commercial vehicles that travel on last-mile routes.