Electric Delivery Van Maker Xos to Go Public
Another manufacturer of electric delivery trucks is planning to go public, as Xos and special purpose acquisition company NextGen Acquisition (NASDAQ: NGAC) announced a merger deal Monday morning. Xos focuses on medium- and heavy-duty last-mile trucks, a niche suitable for electric vehicles (EVs) that can be charged between shorter trips.
Xos trucks have a battery range of up to 200 miles, which covers more than 90% of shifts for regional commercial delivery vehicles, according to the company. The deal will result in a combined entity with a market capitalization of about $2 billion, and should bring $575 million in gross proceeds to the EV maker.
Source Fool.com
