Northern Genesis Acquisition Corp. (NGA) Shareholders Approve Lion Electric Deal
by Nicholas Alan Clayton on 2021-04-23 at 11:55am

Northern Genesis (NYSE:NGA) announced that its shareholders approved its business combination with EV-maker Lion Electric at its special meeting held earlier today.

The business combination will now be completed shortly, however the parties have opted to wait until Northern Genesis has had the opportunity to file an amended 10-K, re-stating its warrants as derivative liabilities in response to recent SEC comments. The deal must also be approved by regulatory bodies in Lion’s home jurisdiction of Quebec.

Northern Genesis did not disclose redemption figures in its press release, but they are unlikely to have been significant as the SPAC has not traded below $13 yet this year and opened ahead of the vote at $15.99.

The two sides initially announced their $1.5 billion combination on November 30. Lion produces all-electric heavy trucks, buses and minibuses for the school, paratransit, and mass transit markets. All other measures on the ballot also passed, however Northern Genesis has not yet filed an 8-K outlining full tallies.


ADVISORS

  • National Bank Financial, BMO Capital Markets and Roth Capital Partners, LLC are serving as financial advisors to Lion.
  • Stikeman Elliott LLP and Vinson & Elkins L.L.P. are serving as legal advisors to Lion.
  • Barclays Capital Inc. is serving as exclusive M&A and capital markets advisor to Northern Genesis.
  • Husch Blackwell and Borden Ladner Gervais LLP are serving as legal advisors to Northern Genesis.
  • Barclays Capital Inc. is serving as lead placement agent and BMO Capital Markets and Roth Capital Partners, LLC are serving as placement agents.
  • Mayer Brown LLP is serving as legal advisor to the lead placement agent.

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved