Lion Electric (NYSE:LEV) stock is set to start trading today after the electric vehicle (EV) company completed its merger with special purpose acquisition company (SPAC) Northern Genesis Acquisition Corp. (NYSE:NGA).
Here’s everything investors need to know about Lion Electric.
- Starting off, the company is listing its shares on the New York Stock Exchange and Toronto Stock Exchange.
- This will have it changing the NGA stock ticker over to the LEV stock ticker.
- It will also have warrants for its shares trading under the LEV WS and LEV.WT tickers on the NYSE and TSX.
- The SPAC merger with Northern Genesis Acquisition saw Lion Electric generate proceeds of $490 million.
- Lion Electric used $90 million of the net proceeds to pay off its outstanding credit facilities and debt instruments.
- The rest of the funds will be used to fuel the EV company’s growth plans.
- That includes an expansion for its U.S. manufacturing facility.
- It will also assist in the development of advanced battery systems, the creation of a battery facility in Québec, and other general corporate purposes.
- To go along with this, the company has announced plans to open a manufacturing facility in Joliet, Ill.
- This will be the largest manufacturing facility for all-electric for medium and heavy-duty urban vehicles in the U.S.
- The agreement with the Illinois government has it promising to invest $70 million over the next three years.
- This facility will add 45 clean energy direct jobs to the area over a three-year period.
- It will also be capable of producing 20,000 all-electric buses and trucks per year once it’s complete.
- Lion Electric expects construction of the facility to pick up speed in the second half of 2021.
- LEV is an EV company with a focus on making class 5 to class 8 commercial urban trucks, as well as EV buses and mini-buses.
- That includes those used for schools, paratransit, and mass transit.
Investors that are still wanting more EV news can stick around.
InvestorPlace.com has a wealth of coverage on the topic. That includes recent stories concerning Nio (NYSE:NIO), Ford (NYSE:F), Tata Motors (NYSE:TTM), and others. Check out what’s happening with these companies at the links below.
More EV News
- Recent Earnings Report Confirms: Nio Is the Best EV Stock on the Market
- 3 Legacy Automakers Shifting To Electric Vehicles
- 7 EV Battery Stocks Struggling With Shortages
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.