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Automotive

Reuters first to report electric truck maker Xos in deal talks to go public

Reuters was first to report on Feb. 8 that U.S. electric vehicle maker Xos Trucks Inc is in talks to go public through a merger with blank-check acquisition company NextGen Acquisition Corp which could value it around $2 billion. NextGen is in discussions with investors about raising financing for the deal in the form of a private investment in public equity (PIPE). If successful, an agreement could be announced as early as this month. NextGen’s share price rose 12% to $11.69 on the news before trading was halted due to volatility. When trading resumed, it rose to about $14 at 3 p.m. EDT (2000 GMT), a gain of 34%.

Article Tags
Topics of Interest: Automotive
Type: Reuters Best
Sectors: Equities
Regions: North America
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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