EV Company Xos Merging with NextGen Acquisition at $2B Valuation

NextGen Acquisition

Commercial EV maker Xos and NextGen Acquisition announced today that they have entered into a definitive business combination agreement.

The deal values the combined company at a $2 billion pro forma equity value, at a price of $10 per NextGen share. The transaction will provide $575 million of gross proceeds to the company, assuming no redemptions, including a $220 million oversubscribed and fully committed common stock PIPE at $10 per share anchored by Janus Henderson Investors, as well as a consortium of truck dealers led by Thompson Truck Centers.

Xos designs and develops fully electric battery mobility systems specifically for commercial fleets. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on “last mile” routes

The combined company is expected to list on the Nasdaq under “XOS.

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