Northern Genesis (NYSE:NGA) stock is soaring higher on Monday following news concerning its special purpose acquisition company (SPAC) merger with Lion Electric.
The latest news from the Lion Electric merger has to do with a filing submitted to the U.S. Securities and Exchange Commission (SEC). This has it completing its preliminary registration statement on Form F-4 with the organization.
New of the Lion Electric SPAC merger has piqued the interest of investors and shares of NGA stock are experiencing heavy trading this morning. As of this writing, some 3 million shares of the stock have changed hands. To put that in perspective, Northern Genesis’ daily average trading volume is 1.68 million shares.
The SPAC merger deal will have Lion Electric combining with a wholly-owned subsidiary of Northern Genesis. After this, the company’s name will change. This will also result in shares of NGA stock changing over to the new LEV ticker.
Northern Genesis and Lion Electric are expecting the deal to close during the first quarter of 2021. The deal already has the unanimous support from both companies’ Boards of Directors.
Lion Electric is an electric vehicle (EV) company founded in 2011. It focuses on the creation of commercial EVs, such as buses. The company’s plans to go public via a SPAC merger were previously announced at the end of November.
NGA stock was up 2.2% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.