LEV Stock: 18 Things to Know as Lion Electric Starts Trading Today

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).

An electric semi truck charging.

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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.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2021/05/lev-stock-18-things-to-know-as-lion-electric-starts-trading-today/.

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