The Lion Electric Company to go public via NGA spac company
The Lion Electric Company and Northern Genesis Acquisition Corp. Announce Merger and Commitments for $200 Million in a PIPE; Combined Company Expected to be Listed on NYSE
- The Lion Electric Company ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles
- Pro forma implied market capitalization of the combined company of $1.9 billion, at the $10.00 per share PIPE subscription price and assuming no public shareholders of Northern Genesis exercise their redemption rights.
- Transaction includes a $200 million fully committed private placement of common shares in Lion (PIPE).
- The company is expected to receive approximately $500 million of net cash proceeds in connection with the transaction, comprised of $200 million from a PIPE and approximately $320 million of cash held in trust by Northern Genesis assuming no public shareholders of Northern Genesis exercise their redemption rights at closing.
- Completion of the proposed transaction is expected to occur in the first quarter of 2021.
finance.yahoo.com/news/lion-electric-company-northern-genesis-113000222.html stock
- The Lion Electric Company ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles
- Pro forma implied market capitalization of the combined company of $1.9 billion, at the $10.00 per share PIPE subscription price and assuming no public shareholders of Northern Genesis exercise their redemption rights.
- Transaction includes a $200 million fully committed private placement of common shares in Lion (PIPE).
- The company is expected to receive approximately $500 million of net cash proceeds in connection with the transaction, comprised of $200 million from a PIPE and approximately $320 million of cash held in trust by Northern Genesis assuming no public shareholders of Northern Genesis exercise their redemption rights at closing.
- Completion of the proposed transaction is expected to occur in the first quarter of 2021.
finance.yahoo.com/news/lion-electric-company-northern-genesis-113000222.html stock
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