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.
Xos Trucks (NGAC) and Lion Electric (NGA) Are Both Set To Go Public by Merging With a SPAC – Which One Is Better? Feb 10, 2021 06:35 EST
Xos Trucks, a manufacturer of electric trucks for the commercial sector, is the latest entrant in a long line of EV companies opting to go public by merging with a Special Purpose Acquisition Company (SPAC). However, as the EV sphere grows more crowded, investors are invariably looking to cut through this plethora of choices in order to pick portfolio winners. To this end, we will try to compare the prospects of Xos Trucks with those of Lion Electric – another company that produces similar products.
NGT News
December 23, 2020
Xos Trucks Inc., a Los Angeles-based manufacturer of fully electric commercial vehicles, has entered a partnership with DLL to provide financing for electric vehicles. DLL, a global asset finance partner focused on enabling businesses to more easily access equipment to help them grow, is a wholly owned subsidiary of Rabobank Group.
The financing partnership between Xos and DLL will further enable the transition from traditional diesel trucks to electric.
“With increased attention on climate change and the West Coast coming off its worst year of wildfires in history, transitioning to zero-emission electric vehicles is more important now than ever,” says Dakota Semler, co-founder and CEO of Xos Trucks. “We’re offering the option for operating and capital leases so we can help fleets accelerate their transition to fully electric vehicles.”