SPAC NextGen Acquisition jumps 40% after report of deal to take EV truck maker Xos public

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

SPAC NextGen Acquisition Corp. jumped as much as 40% on Monday before paring gains after a Reuters report suggested the company is in talks to take the EV truck-maker Xos Trucks public. According to Reuters sources, the special purpose acquisition company is in discussions with investors about raising financing for the deal and an agreement could be announced as earlier as this month. Insider's request for comment from Xos and NextGen went unanswered, and the companies declined Reuters' request from comment. NextGen was formed by ex-Goldman Sachs banker George Mattson and ex-Carlyle Group chairman Gregory Summe, who raised $375 million in an IPO back in November. The company has been looking for a partner to take public ever since, and with EVs booming, Xos is a solid option. Read more: Credit Suisse says to buy these 16 'highest-conviction' stock picks that are set to outperform despite the market's contrarian view Xos, previously known as Thor, creates state-of-the-art electric commercial vehicles that focus on reducing operating costs...read more...