Analysis: Cashing blank checks- why the bold favor SPACs reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
BusinessAnalysis: Cashing blank checks: why the bold favor SPACs
Joshua FranklinKrystal Hu
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A U.S. dollar note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration
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Dimitri Kazarinoff started his first ever earnings call as XL Fleet Corp (XL.N) chief executive last month with a u-turn.
When the maker of electrified powertrains for vans and pickup trucks agreed a $1 billion merger with a special purpose acquisition company (SPAC) in September, it made a financial forecast rarely seen in an initial public offering (IPO).
XL Fleet predicted that its revenue would more than triple in 2021 to $75.3 million.
Analysis: Cashing blank checks- why the bold favor SPACs
By Joshua Franklin and Krystal Hu
Reuters
By Joshua Franklin and Krystal Hu
NEW YORK (Reuters) - Dimitri Kazarinoff started his first ever earnings call as XL Fleet Corp chief executive last month with a u-turn.
When the maker of electrified powertrains for vans and pickup trucks agreed a $1 billion merger with a special purpose acquisition company (SPAC) in September, it made a financial forecast rarely seen in an initial public offering (IPO).
XL Fleet predicted that its revenue would more than triple in 2021 to $75.3 million.
However, on XL Fleet s March 31 earnings call Kazarinoff said that the COVID-19 pandemic and a microchip shortage had weighed on fleet orders and its ability to fulfill them, which would mean it missing the revenue forecast.
Cashing blank cheques - why the bold favour SPACs theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.