Xos Trucks Is Going Public by Merging With the SPAC NextGen Acquisition Corp. (NGAC) in Q2 2021 Feb 22, 2021 07:53 EST
Xos Trucks, a manufacturer of fully electric Class 5 to Class 8 commercial vehicles, has become the EV player to opt for the SPAC route in order to go public.
As per the press statement released jointly by Xos Trucks and the SPAC NextGen Acquisition Corp. (NASDAQ:NGAC) just moments ago, the combined company is expected to have an implied pro forma market capitalization of $2.0 billion. Moreover, the transaction would provide $515 million in gross proceeds, including $375 million in trust and a PIPE investment of $220 million.
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.
By Reuters Staff
2 Min Read
(Reuters) - Xos Inc, an electric commercial vehicle maker, on Monday agreed to go public through a merger with blank-check firm NextGen Acquisition Corp, in a deal valuing the combined entity at $2 billion.
The deal will provide Xos with $575 million in gross proceeds, including a $220 million private investment led by Janus Henderson Investors and a consortium of truck dealers led by Thompson Truck Centers.
Reuters reported earlier this month that Xos was nearing a deal to go public with NextGen.
Xos would be the latest company developing an electric truck to go public through a merger with a SPAC, following the likes of Nikola Corp and Lion Electric Co.
Some of Xos' customers include United Parcel Service, armored car service company Loomis and transportation company Lonestar. Xos CEO Dakota Semler said the Los Angeles-based company has other distribution partnerships that haven’t been announced yet.
socaltech.com
Los Angeles-based
Xos, a relatively unknown, new electric truck startup, has agreed to go public at a $2 billion valuation, via a SPAC offering, according to reports. The company which had just raised $20M will be acquired in a reverse merger with
NextGen Acquisition Corp. The deal will raise $220M in funding, with investors reportedly includi
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