Business
Xos, Inc. Announces Filing of Form 8-K upon Closing of the Business Combination with NextGen Acquisition Corp (“NextGen”)
Xos, Inc. began trading on the Nasdaq on August 20, 2021 under the ticker symbol “XOS” after completing a merger with NextGen Acquisition Corp.The completion
About this update from Xos, Inc.
[{"type":"text","content":"Xos, Inc. began trading on the Nasdaq on August 20, 2021 under the ticker symbol “XOS” after completing a merger with NextGen Acquisition Corp.The completion of the business combination resulted in net proceeds of $216.7 million in cash (net of transaction costs and redemptions).Raised capital is expected to support the execution of Xos’ strategic plan into second half 2023. LOS ANGELES, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Xos, Inc. (“Xos”) (Nasdaq: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, announced today the filing of the Form 8-K in connection with the business combination with NextGen Acquisition Corp. (“NextGen”). The completion of the business combination resulted in net proceeds of $216.7 million in cash (including proceeds from the NextGen trust account and PIPE investment less transaction costs and redemptions). For details concerning the transaction, see the sections entitled “Introductory Note” and “Unaudited Pro Forma Condensed Combined Financial Information” in the Form 8-K available at investors.xostrucks.com. “The closing of our transaction enables the continued execution of our strategic plan and the expansion of Xos’ Flex manufacturing facilities to deliver our projected vehicle production volumes through 2023. It also allows for continued investment in R&D, workforce growth, and the expansion of our distribution, services and infrastructure offerings,” said Dakota Semler, Co-Founder, Chairman and Chief Executive Officer of Xos. “Going public is a significant milestone in Xos’ mission to decarbonize transportation and provide purpose-built, zero-emission electric solutions to fleet owners and operators.” About Xos, Inc. Xos, Inc. is an electric mobility company dedicated to decarbonizing commercial trucking fleets. Xos designs and manufactures cost-competitive, fully electric commercial vehicles. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on last mile, back-to-base routes of less than 200 miles per day. The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com. Ca...