Lion Electric merges with Northern Genesis and begins trading on the NYSE and TSX
By Bradley Osborne - 2nd August 2021
Canada / USA – Electric commercial vehicle specialist, Lion Electric Company of Saint Jerome, Canada has completed its previously announced merger with Northern Genesis, a special purpose acquisition company, and began trading its equity shares on the New York Stock Exchange and the Toronto Stock Exchange on May 7, 2021, under the symbol ‘LEV’.
The transaction resulted in proceeds of approximately USD490m to Lion, of which USD90m were used to repay outstanding debts, while the remainder is to be invested in Lion’s growth strategy, including the planned construction of a battery plant in Quebec, Canada, and the expansion of its manufacturing capacity with the new plant being constructed in Joliet, Illinois – see articles in this issue.
