Proeza-backed electric truck producer Xos will list on the Nasdaq Stock Market and have an implied pro forma market capitalisation of $2bn.
Xos, a US-based commercial electric vehicle (EV) manufacturer backed by conglomerate Grupo Proeza, agreed a reverse merger with special purpose acquisition company NextGen Acquisition Corp yesterday.
The deal will involve the merged company taking the place on the Nasdaq Stock Market secured by NextGen Acquisition in a $350m initial public offering in October 2020, and it will have an implied pro forma market capitalisation of $2bn.
The deal will be boosted by a $220m private investment in public equity (PIPE)…
