Transaction ~ Northern Genesis Acquisition Corp. (“Northern Genesis”) (NYSE: NGA) is a publicly listed special purpose acquisition company with ~$320mm cash held in trust
~ The Lion Electric Co. (“Lion”), a designer, manufacturer and distributor of all-electric medium and heavy-duty urban vehicles, to combine with Northern Genesis
~ Lion to be the surviving entity; name to be The Lion Electric Company upon closing of the transaction Listing / Ticker ~ Pro forma company expected to trade on the NYSE under the new ticker symbol “LEV” Valuation ~ Transaction values the combined entity at an enterprise value of ~$1.5bn
Transaction Proceeds ~$500mm(1) of cash to pursue Lion’s growth strategy based on cash held in trust and PIPE proceeds
~ $200mm fully committed PIPE offering to close concurrently with business combination
~ Growth strategy includes expansion of manufacturing capacity in the U.S., development and automated assembly of advanced battery systems and other general corporate purposes
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