KANSAS CITY, Mo. and MONTREAL, April 23, 2021 /PRNewswire/ - Northern Genesis Acquisition Corp. ("NGA") (NYSE: NGA), a U.S. publicly-traded special purpose acquisition company and The Lion Electric Company ("Lion"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced that today NGA's stockholders approved the previously announced business combination transaction with Lion, and each of the other proposals considered and voted upon at the meeting. NGA is expected to file with the Securities and Exchange Commission (the "SEC") a Form 8-K disclosing the final voting results.
In light of the recent SEC statement regarding accounting and reporting considerations for warrants issued by special purpose acquisition companies (SPACs), NGA expects to file as soon as practicable an amendment to its annual report on Form 10-K for the year ended December 31, 2020 (the "Amended Form 10-K") reflecting the reclassification of NGA's private placement and public warrants as a derivative liability, as further described in NGA's current report on Form 8-K filed with the SEC on April 20, 2021.
The closing of the business combination is expected to occur as soon as reasonably practicable after (i) the filing by NGA of its Amended Form 10-K, and (ii) satisfaction or waiver by Lion and NGA of all of the closing conditions set out in the definitive agreements related to the business combination transaction, including the obtaining by Lion of the clearance from the Autorité des Marchés Financiers ("AMF"), the regulatory and oversight body for Québec's financial sector, for the filing of its Canadian final non-offering prospectus.
Following the closing of the business combination transaction, the common shares of Lion will trade on the New York Stock Exchange (the "NYSE") and the Toronto Stock Exchange (the "TSX") under the new symbol "LEV", and the warrants of Lion will trade on the NYSE under the new symbol "LEV WS" and on the TSX under the new symbol "LEV.WT."
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