XOS Going Public In $2 Billion SPAC Deal With NextGen

XOS Going Public In $2 Billion SPAC Deal With NextGen

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.

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 to provide customers a