Lion Electric to go public through merger with Northern Genesis
MONTREAL, Que. – The Lion Electric Company has announced it will merge with Northern Genesis Acquisition Corp., a publicly-traded special purpose acquisition company focused on sustainability.
Upon closing, Lion will be listed on the New York Stock Exchange (NYSE) under the ticker symbol LEV. The deal includes a US$200-million private placement deal of common shares in LEV, giving Lion an implied market capitalization of US$1.9 billion.
Lion will receive about US$500 million of cash proceeds, which will be used to fund further growth, including construction of a U.S. manufacturing facility. The transaction is expected to close in the first quarter of 2021.
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