Xos went public via a SPAC merger with NextGen Acquisition in a $2bn deal.

Xos, a manufacturer of fully electric Class 5 to Class 8 commercial vehicles, went public via a SPAC merger with NextGen Acquisition in a $2bn deal. The transaction will provide $575m of proceeds to the company, assuming no redemptions, including a $220m PIPE, anchored by Janus Henderson Investors, as well as a consortium of truck dealers led by Thompson Truck Centers, a truck repair shop. “We are thrilled to bring Xos public and advance our purpose-built zero-emission electric solutions alternative for fleet owners and operators and to capitalize on the significant market opportunity for electrification in the last-mile commercial vehicle market,” Dakota Semler, Co-Founder, Xos Chairman and CEO.