NextGen Acquisition set an Aug. 18 meeting for shareholders to vote on the proposed merger with commercial EV maker Xos.
The SPAC’s S-4 registration statement on the deal has been declared effective by the SEC.
The transaction is expected to provide $575 million of gross proceeds to the company, assuming no redemptions, including a $220 million oversubscribed and fully-committed common stock PIPE.
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.
