NGA - Why Northern Genesis Acquisition Stock Is Up Today
Shares of Northern Genesis Acquisition (NYSE: NGA) were trading higher on Monday. The special-purpose acquisition company (SPAC) is preparing to merge with electric-bus maker Lion Electric, which revealed in a regulatory filing last week that Amazon (NASDAQ: AMZN) has secured an option to purchase a stake in the company.
As of 12:45 p.m. EST today, Northern Genesis shares were up about 8.2% from Friday's closing price.
Lion Electric is a small Canada-based maker of electric trucks and buses. The company agreed to merge with Northern Genesis last year in exchange for funding; the deal is expected to close by the end of March.
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Why Northern Genesis Acquisition Stock Is Up Today