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).
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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.
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