Lion Electric Completes Business Combination with Northern Genesis Acquisition Corp.
May 6, 2021
Lion Electric completed a business combination with special purpose acquisition company Northern Genesis Acquisition Corp., resulting in approximately US$490 million of net proceeds (including a concurrent PIPE). As a result of the transaction Lion began trading on the NYSE and TSX under the ticker LEV; the proceeds will be used to finance U.S. manufacturing expansion, develop battery systems and repay outstanding debt. Lion's founder and CEO Marc Bédard will continue to lead the company, and Northern Genesis directors Ian Robertson and Chris Jarratt joined the board.
- Buyers
- Northern Genesis Acquisition Corp.
- Targets
- Lion Electric
- Industry
- Automotive
- Location
- Quebec, Canada
- Transaction Type
- Buyout
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