Lion Electric to go public through merger with Northern Genesis

by Today's Trucking

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.

(Photo: Lion Electric Company)


Have your say


This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.

*