UpdatedFri, May 7, 2021 at 12:45 pm CT
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Gov. J.B. Pritzker, second from right, speaks at the opening of the Lion Electric plant. Also pictured are Joliet Mayor Bob O Dekirk (left), Congressman Bill Foster (D-11) and Will County Center for Economic Development Vice President Doug Pryor (right). (John Ferak/Patch)
(John Ferak/Patch )
(John Ferak/Patch )
JOLIET, IL Illinois Gov. J.B. Pritzker came to Joliet at 7:30 a.m. Friday to reveal positive economic development news:
Lion Electric, a Canadian company in Quebec, will open its first United States automobile manufacturing plant in Joliet.
Long-term, Lion Electric plans to hire around 1,400 people to make electric automobiles at the Youngs Road facility in Joliet, several sources told Joliet Patch. Officials said the plant will be the largest electric vehicle manufacturer in the United States for medium- and heavy-duty vehicles.
Bedard said Lion is expanding in the United States when there is growing demand among school districts and companies to switch to electric transportation. Nearly 400 of the company’s electric school buses are on the road and Amazon.com Inc has said it will buy up to 2,500 trucks from Lion by 2025.
Lion’s expansion also coincides with a favourable regulatory environment under U.S. President Joe Biden, who has pushed for providing generous subsidies to the EV industry.
“We’re looking for regulatory tailwinds that will be favourable to electric,” Bedard said of his decision to build the factory in Illinois. State-funded tax credits for the plant were being negotiated, Lion said.
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MONTREAL, May 6, 2021 /PRNewswire/ - Lion Electric ( Lion or the Company ), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, and Northern Genesis Acquisition Corp. ( NGA ) (NYSE: NGA), a special purpose acquisition company, announced today the completion of their previously announced business combination (the Business Combination ). The Business Combination was approved by NGA stockholders at a special meeting held on April 23, 2021. Beginning on May 7, 2021, Lion s common shares are scheduled to begin trading on the New York Stock Exchange (the NYSE ) and the Toronto Stock Exchange (the TSX ) under the new symbol LEV , and its warrants are scheduled to begin trading on the NYSE under the new symbol LEV WS and on the TSX under the new symbol LEV.WT.
A Slow, Painful Week for Most SPAC Investors
A light week for SPAC M&A and the new issue market has hit saturation. Pre-Deal SPACs will soon feel the pressure to start finding targets.
Author:
Apr 23, 2021
While 3 deals ultimately announced this week (HZAC, FWAA, and DBDR) it was still a slow week compared to peak SPAC merger frenzy. This week s deals provided modest pops - despite what has (mostly) been a rollercoaster overall week for risk assets. On a happy note, SPACs finished Friday largely up, for the first time in what feels like years.
Overall, the week was one where the mood felt increasingly dark with the media only adding to it with little positive to say.
Lion Electric Going Public Next Week as Shareholders of the SPAC Northern Genesis Acquisition Corp. (NGA) Approve the Merger Agreement Apr 23, 2021 10:16 EDT
Lion Electric, a Canadian company that specializes in electric powertrains and commercial EVs, is now all set to go public as shareholders of the SPAC Northern Genesis Acquisition Corp. (NYSE:NGA) have approved the business combination agreement, paving the way for the shares of the combined company to start trading on the stock exchange.
As per the Form DEFA14A filed by Northern Genesis Acquisition Corp. with the SEC on the 24th of March, a special virtual meeting of the SPAC’s shareholders was scheduled for the 23rd of April 2021 in order to approve the business combination agreement with Lion Electric. Accordingly, the pertinent meeting was convened a short while back, during which the SPAC’s shareholders approved the merger with Lion Electric with over 23 million votes in favor, thereby removing the last remainin