NGA - EV-maker Lion Electric to go public through SPAC merger with Northern Genesis

Northern Genesis Acquisition ([[NGA]] +8.9%) jumps 10% after agreeing to acquire Lion Electric Company, a manufacturer of all-electric medium- and heavy-duty urban vehicles, creating an entity with pro forma market capitalization of $1.9B.Transaction includes a $200M fully committed private placement in common shares; private investment in public equity subscription price is $10 per share.The company is expected to get ~$500M of net cash proceeds in connection withy the transaction, comprised of $200M from the PIPE and ~$320M of cash held in trust by Northern Genesis assuming no public shareholders of Northern Genesis exercise their redemption rights at closing.Proceeds will fund Lion's growth strategy including the planned expansion of advanced battery systems, the planned construction of a highly automated battery system assembly factory, and other general corporate purposes.After the merger of the two entities, Lion is expected to be listed on the NYSE under the ticker symbol "LEV".Power Sustainable Capital, a wholly owned

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EV-maker Lion Electric to go public through SPAC merger with Northern Genesis