NKLA - Electric-Bus Maker Lion Electric to Go Public in New SPAC Deal
Another electric-vehicle start-up is headed for the public markets: Quebec-based Lion Electric Company, a maker of electric trucks and school buses, said that it will go public via a merger with special-purpose acquisition company (SPAC) Northern Genesis Acquisition (NYSE: NGA) .
Lion, established in 2008, is a small-scale manufacturer of medium- and heavy-duty electric vehicles for urban use. The company claims to have over 300 vehicles on the road now, mostly school buses, with more than 6 million miles driven in total.
The deal between Lion and Northern Genesis follows the template of other recent SPAC merger deals with electric-vehicle makers, including the deal that took electric big-rig start-up Nikola (NASDAQ: NKLA) public in June.
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Electric-Bus Maker Lion Electric to Go Public in New SPAC Deal