Northern Genesis Acquisition announced today that its stockholders approved the previously announced business combination transaction with Lion Electric for approximately $520 million.
Announced in November, the deal gives the combined company a market capitalization of approximately $1.9 billion.
“In light of the recent SEC statement regarding accounting and reporting considerations for warrants issued by special purpose acquisition companies (SPACs), NGA expects to file as soon as practicable an amendment to its annual report on Form 10-K,” Northern Genesis said in the statement. The amended 10-K would reflect the reclassification of the SPAC’s private placement and public warrants as a derivative liability, following the SEC’s new guidance announced last week.
The closing of the business combination is expected to occur as soon as reasonably practicable after the SPAC files the amended 10-K, as well as Lion receiving clearance from the Autorité des Marchés Financiers (“AMF”), the regulatory and oversight body for Québec’s financial sector, for the filing of its Canadian final non-offering prospectus.
Following the closing, common shares of Lion will trade on the NYSE and the Toronto Stock Exchange under LEV. Lion warrants will trade on the NYSE under LEV WS and on the TSX under LEV.WT.
Lion designs and manufactures electric fleet vehicles. Read more.
