Why Northern Genesis Acquisition (Lion Electric) Stock Is Up Today
Shares of Northern Genesis Acquisition (NYSE: NGA) were trading higher on Wednesday, after its merger partner Lion Electric revealed in a regulatory filing that it struck a deal in June of last year to sell trucks to Amazon.com (NASDAQ: AMZN).
As of 1:30 p.m. EST, Northern Genesis's stock was up 16.8% from Tuesday's closing price, and up about 34% since the end of last week.
By way of background, Northern Genesis is a special-purpose acquisition company (SPAC). It plans to merge with Lion Electric, a small Canada-based maker of electric trucks and buses, in a deal that will effectively take Lion Electric public. The companies revealed the merger plan in November, and it's expected to close by the end of the current quarter.
Source Fool.com
