https://wccftech.com/xos-trucks-is-going-public-by-merging-with-the-spac-nextgen-acquisition-corp-ngac-in-q2-2021/

Xos Trucks, a manufacturer of fully electric Class 5 to Class 8 commercial vehicles, has become the EV player to opt for the SPAC route in order to go public.

As per the press statement released jointly by Xos Trucks and the SPAC NextGen Acquisition Corp. (NASDAQ:NGAC) just moments ago, the combined company is expected to have an implied pro forma market capitalization of $2.0 billion. Moreover, the transaction would provide $515 million in gross proceeds, including $375 million in trust and a PIPE investment of $220 million.