Electric chassis maker Xos Trucks agrees to $575M SPAC merger

Electric truck chassis maker Xos Trucks is going public with blank check backing from a special purpose acquisition company (SPAC). Xos will merge with NextGen Acquisition Corp. at an implied market capitalization of $2 billion.

North Hollywood, California-based Xos will get $575 million raised by NextGen (NASDAQ:NGAC) . NextGen raised $335 million through an initial public offering in which investors gave NextGen a “blank check” to pursue a merger. Another additional $220 million came via a...

https://www.freightwaves.com/news/electric-chassis-maker-xos-trucks-agrees-to-$575m-spac-merger

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