XOS Going Public In $2 Billion SPAC Deal With NextGen

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Xos Inc., a North Hollywood, California-based manufacturer of large electric commercial vehicles, will go public by merging with the blank check firm NextGen Acquisition Corp. in a deal valuing Xos at $2 billion. The transaction is the latest in a series of special purpose acquisition company (SPAC) deals raising capital for companies developing electrified transportation products and services. A SPAC is a company with no commercial operations formed strictly to raise capital for an existing company through an initial public offering. As a result, Xos will receive $575 million in proceeds, including a $220 million investment from a group led by Janus Henderson Investors and Thompson Truck Centers, which encompasses several commercial truck dealers. PROMOTED Its shares will trade on the Nasdaq NDAQ -2% exchange under the symbol “XOS.” “In 2016, my co-founder and I set out to build a company whose mission was to decarbonize transportation through the design, engineering and development of purpose-built commercial vehicles,” said Dakota Semler, Xos chief executive, in a statement. “Our aim was...read more...