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Lion Electric SPAC wins shareholder approval

Canadian electric truck and bus manufacturer’s stock to trade on NYSE

Lion Electric's Lion8 battery-powered truck evolved from the Canadian company's line of electric school buses. (Photo/Lion Electric)

Lion Electric is set to go public after shareholders of special purpose acquisition company (SPAC) Northern Genesis Acquisition Corp. (NYSE: NGA) approved a merger Friday with the Canadian electric truck and bus manufacturer. 

Quebec-based Lion will trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV once the transaction closes.  

The company announced its plans to go public via a SPAC merger in November saying it would help fund a U.S. manufacturing facility and other initiatives. It expected to raise about $500 million. 

“This transaction marks an important milestone in Lion’s continued emergence as a market leader in the design, manufacturing and distribution of purpose-built, all-electric medium- and heavy-duty urban vehicles,” Lion founder and CEO Marc Bedard said in a statement in November.

It comes as Lion Electric’s battery-powered Lion8 and Lion6 trucks continue to gain traction for last-mile operations. The company has received orders from the likes of Amazon — for up to 2,500 trucks —as well as from CN.

Most recently, Ikea announced on April 15 that it will deploy 15 Lion6 trucks in the fall in Canada. 

Once the SPAC transaction closes, Lion Electric will become the latest zero-emissions truck manufacturer to go public by merging with so-called blank check companies. It follows Hyliion (NYSE: HYLN) and Nikola (NASDAQ: NKLA). 

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Nate Tabak

Nate Tabak is a Toronto-based journalist and producer who covers cybersecurity and cross-border trucking and logistics for FreightWaves. He spent seven years reporting stories in the Balkans and Eastern Europe as a reporter, producer and editor based in Kosovo. He previously worked at newspapers in the San Francisco Bay Area, including the San Jose Mercury News. He graduated from UC Berkeley, where he studied the history of American policing. Contact Nate at [email protected]