EV bus and truck maker The Lion Electric to take SPAC path to public markets

by RJ Shara | Nov 30, 2020 | Fundings and Exit

Canadian electric truck and bus manufacturer The Lion Electric Company stated Monday it prepares to become a publicly traded business via a merger with special purpose acquisition business Northern Genesis Acquisition Corp. The combined business, which will be listed on the New York Stock Exchange, will have an assessment of $1.9 billion. The business raised […] In Lion’s case, the combined net cash will be used to money the company’s growth, significantly the scheduled building of a U.S.-based factory and to further develop its innovative battery systems. Some 300 vehicles are on the road today and the business has plans to deliver 650 trucks and buses in 2021. The combined business will have a board of directors consisting of nine directors, consisting of Bedard, Pierre Larochelle from Power Sustainable as Chairman, and 5 other existing Lion board members, as well as Ian Robertson and Chris Jarratt, who are co-founders of Algonquin Power & & Utilities Corp. …