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Lion Electric To Go Public Through SPAC Deal: Report

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  • It expects to receive about $500 million of net cash proceeds from the deal
  • Proceeds from the deal will be used to expand its U.S. manufacturing capacity, develop advanced battery systems and construct a battery-system assembly factory

As per a report bu Reuters, Lion Electric Co said  that it will go public through a merger with blank-check company Northern Genesis Acquisition Corp. It aims to ramp up production capacity to tap growing demand for electric vehicles. It expects to receive about $500 million of net cash proceeds from the deal.

The report added that the proceeds from the deal will be used to expand its U.S. manufacturing capacity, develop advanced battery systems and construct a battery-system assembly factory. It added that the deal, likely to close in the first quarter of 2021 and is expected to create a company with a market value of about $1.9 billion.

Expected to be listed on the New York Stock Exchange

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Lion Electric said the combined company is expected to be listed on the New York Stock Exchange under the symbol “LEV”.The report added that Lion Electric’s shareholders are expected to hold about 70 per cent of the combined company’s common equity after the deal is closed, assuming no redemptions from Northern Genesis’ shareholders.

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