NextGen Acquisition filed a preliminary registration statement outling terms of its proposed merger with commercial EV battery manufacturer Xos.
Announced in February, 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.
Pending shareholder approval, the combined company is expected to list on the Nasdaq under XOS. Read more.
