Business & Investment

Xos Trucks may be published via SPAC: Reuters

Electrical chassis maker Xos Trucks Inc. is in talks to make it public through a merger with a special purpose acquisition company (SPAC) that could lead to a $ 2 billion valuation. Reuters reported Monday.

Based in North Hollywood, California Xos creates a customizable chassis It has wiring, battery mounting, and axle mounting systems for medium and heavy electric trucks. For previous customers, United Parcel Service (NYSE: UPS), Armored truck company Loomis, and Japan Hino Motors, Ltd. A subsidiary of Toyota Motor Corporation.

Xos raised $ 20 million last August Use the X-Platform to help meet the demand for supporting medium-sized regional and last mile delivery trucks. Hino was the first class 8 track maker to purchase the X-Platform.

NextGen Acquisition Corp. (NASDAQ: NGACReuters said it is discussing financing for SPAC transactions with investors through private investment in public equity (PIPE). If successful, an agreement could be announced as early as this month.

Neither Xos nor NextGen commented on Reuters. Some attempts by Freight Waves to reach Xos were unanswered.

NextGen It raised $ 350 million in an initial public offering (IPO) last October. It merged with an existing company and established a shell company whose sole purpose was to publish it. SPACs typically take two years to target and perform due diligence. The road to public trading is usually a fraction of the time of a traditional IPO.

So far in 2021, 124 SPACs have been created with an investment of approximately $ 36.8 billion. SPAC Insider. In 2020, 248 SPACs raised $ 83 billion.

Xos followed many electric vehicle startups, including Nikola Corp. (Nikola Corp.).NASDAQ: NKLA), Hyliion Holdings (NYSE: HYLN) And Lordstown Motors Corp. (NASDAQ: RIDE) Publish via SPAC.

XOS Trucks Raises $ 20 Million For Electric Chassis

XOS gets the first Class 8 electricity trade from Hino

Electric truck startup for low volume production

Click here for more Freight Waves articles by Alan Adler.

Xos Trucks may be published via SPAC: Reuters Xos Trucks may be published via SPAC: Reuters

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