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Lion Electric SPAC wins shareholder approval

Lion Electric SPAC wins shareholder approval

A Lion8 electric truck with a trailer produced by the Lion Electric Co.

Lion Electric is set to go public after shareholders of special purpose acquisition company (SPAC) Northern Genesis Acquisition Corp. (NYSE: NGA) approved a merger Friday with the Canadian electric truck and bus manufacturer. 

Quebec-based Lion will trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV once the transaction closes.  

The company announced its plans to go public via a SPAC merger in November saying it would help fund a U.S. manufacturing facility and other initiatives. It expected to raise about $500 million. 

“This transaction marks an important milestone in Lion’s continued emergence as a market leader in the design, manufacturing and distribution of purpose-built, all-electric medium- and heavy-duty urban vehicles,” Lion founder and CEO Marc Bedard said in a statement in November.

It comes as Lion Electric’s battery-powered Lion8 and Lion6 trucks continue to gain traction for last-mile operations. The company has received orders from the likes of Amazon — for up to 2,500 trucks —as well as from CN.

Most recently, Ikea announced on April 15 that it will deploy 15 Lion6 trucks in the fall in Canada. 

Once the SPAC transaction closes, Lion Electric will become the latest zero-emissions truck manufacturer to go public by merging with so-called blank check companies. It follows Hyliion (NYSE: HYLN) and Nikola (NASDAQ: NKLA). 

Click for more FreightWaves articles by Nate Tabak


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23 April 2021, 20:11