NextGen Acquisition shareholders voted in favor of the SPAc’s combination with commercial EV maker Xos.
The SPAC in an 8-K filing said 29,886,116 NextGen Class A ordinary shares were redeemed ahead of the vote, which would wipe out 80% of the SPAC’s cash in trust. NextGen raised $350 million in an October IPO.
NextGen in a press release said the deal is still expected to close today, with trading expected to begin tomorrow on the Nasdaq under new ticker symbol XOS.
As announced in February, the deal valued XOS at $2 billion and called for the target company to receive $575 million, which assumed no redemptions. The amount included a $220 million PIPE. Read more.
