EV truck maker Lion Electric to go public via SPAC merger
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)