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The Lion Electric Company, a Power Corporation Investment, Announces Merger Agreement with Northern Genesis Acquisition Corp.
The Lion Electric Company, a Power Corporation Investment, Announces Merger Agreement wit...
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[{"type":"text","content":"\n \n \n \n The Lion Electric Company, a Power Corporation Investment, Announces Merger Agreement with Northern Genesis Acquisition Corp.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n MONTRÉAL, Nov. 30, 2020\n \n \n \n \n Readers are referred to the section \"Forward-Looking Statements\" at the end of this release.\n \n \n All figures are expressed in Canadian dollars unless otherwise noted.\n \n \n MONTRÉAL,\n \n Nov. 30, 2020\n \n /CNW Telbec/ - The Lion Electric Company (\"Lion\"), a company in which Power Sustainable Capital (\"Power Sustainable\"), a wholly owned subsidiary of Power Corporation of\n \n Canada\n \n (\"Power Corporation\" or the \"Corporation\"), is the largest indirect shareholder, today announced it intends to combine (the \"Proposed Transaction\") with Northern Genesis Acquisition Corp. (\"Northern Genesis\"). Northern Genesis (NYSE: NGA) is a publicly traded special purpose acquisition company focused on a commitment to sustainability and strong alignment with environmental, social and governance principles. Upon closing of the Proposed Transaction, a wholly owned subsidiary of Lion will merge with Northern Genesis, and as a result Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol \"LEV\" (the \"Combined Company\" or \"Lion (LEV)\"). The Proposed Transaction also includes a US$200 million committed private placement of common shares of Lion (LEV). The pro forma implied market capitalization of Lion (LEV) is\n \n US$1\n \n .9 billion, assuming completion of the private placement and that no public stockholders of Northern Genesis exercise their redemption rights.\n \n \n Power Sustainable currently holds a 44.2% e...