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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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Electric chassis maker Xos Trucks agrees to $575M SPAC merger
Surging investor interest in electric vehicles sets stage to bring startup public 2,097 3 minutes read Xos Trucks is heading for public trading via a reverse merger that expects the company to have a $2 billion valuation. (Photo: Xos Trucks)
Electric truck chassis maker Xos Trucks is going public with blank check backing from a special purpose acquisition company (SPAC). Xos will merge with NextGen Acquisition Corp. at an implied market capitalization of $2 billion.
North Hollywood, California-based Xos will get $575 million raised by NextGen (NASDAQ:NGAC) . NextGen raised $335 million through an initial public offering in which investors gave NextGen a “blank check” to pursue a merger. Another additional $220 million came via a private investment in public equity (PIPE).
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.
U.S. electric vehicle maker Xos Trucks Inc is in talks to go public through a merger with blank-check acquisition company NextGen Acquisition Corp which could value it around $2 billion, according to people familiar with the matter.
U.S. electric vehicle maker Xos Trucks Inc is in talks to go public through a merger with blank-check acquisition company NextGen Acquisition Corp which could value it around $2 billion, according to people familiar with the matter.