Back
Private Equity
Xos, A Leading Commercial Electric Vehicle OEM, To Become Publicly Traded On Nasdaq Through Merger With NextGen Acquisition Corporation
February 22, 2021
To read the entire article click here.
- Xos, a leading original equipment manufacturer (OEM) in the $100 billion medium- and heavy-duty last-mile commercial electric vehicle market, is merging with NextGenAcquisition Corp. (Nasdaq: NGAC).
- The combined company has an implied pro forma market capitalization of $2.0 billion. The transaction includes a $220 million oversubscribed and fully committed common stock PIPE anchored by Janus Henderson Investors, as well as a consortium of truck dealers led by Thompson Truck Centers.
- Xos vehicles have been deployed in field operations since 2019, with a customer base that includes UPS, Loomis, Lonestar, and Wiggins; 6,000+ unit backlog of contracted and optional orders.
- Xos is expected to deliver industry-leading total cost of ownership (TCO) through proprietary purpose-built battery and powertrain systems, integrated vehicle software and controls, and a modular OEM powertrain architecture built on the adaptable X-Platform.
- Multi-year manufacturing partnership with Metalsa, a leading Tier 1 supplier and strategic investor in Xos, for purpose-built frame rails and chassis components.
- Xos Co-Founder & CEO Dakota Semler, Co-Founder & COO Giordano Sordoni, and NextGen Co-Founder & Co-Chairman George Mattson will join a newly formed board of directors.
- The transaction is expected to close in the second quarter of 2021 and the combined company will be listed on The Nasdaq Stock Market under the symbol “XOS”.
To read the entire article click here.