Dec 1, 2020 - Economy

EV truck maker Lion Electric to go public via SPAC merger

Ben Geman

Illustration of hand with remote controlling a small truck — Illustration: Sarah Grillo/Axios

The Lion Electric, an electric truck and bus company, is going public via a merger with the special purpose acquisition company (SPAC) Northern Genesis Acquisition.

Why it matters: It's the latest in what's becoming a big collection of EV and EV-adjacent companies forgoing traditional IPOs and instead going the SPAC route.

By the numbers: The market capitalization of the combined company will be almost $2 billion, per the announcement.

And the deal also provides Lion with over $500 new funding aimed at scaling up its manufacturing capacity and battery development, they said.

Go deeper: EV bus and truck maker The Lion Electric to take SPAC route to public markets (TechCrunch)

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EV truck maker Lion Electric to go public via SPAC merger

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