How To Buy Lion Electric Stock?

2 min read | March 17, 2021 07:24 AM AEDT | By Anuj

Lion Electric stock

Lion Electric is not listed on any stock exchange currently.

However, rumours of the US-based special-purpose acquisition company (SPAC), Northern Genesis (NGA:US or NYSE: NGA), planning to acquire the electric vehicle company has been doing the rounds since late-2020.

Shares of the SPAC NGA zoomed as much as 16.50 per cent on March 15 on the back of Lion Electric’s announcement.

Lion Electric manufactures battery-powered buses and trucks. The Canadian company is known for its advanced electric school buses. Several district schools across North America use these e-buses.

The company expects to expand its business from the proposed Quebec-based factory that will produce a power capacity of 5 gigawatt-hours annually, sufficient for building nearly 14,000 medium- and heavy-duty vehicles yearly.

Lion Electric anticipates getting more control on the supply chain part and cost reduction through this factory.

Now let us delve into Northern Genesis’ stock performance:

Northern Genesis Acquisition Corp. (NGA:US or NYSE: NGA)

The blank check firm commenced trading on the New York Stock Exchange (NYSE) on October 9, 2020. It has surged by almost 44.64 per cent in the last three months.

On November 30, 2020, the SPAC firm stated that it is all set to acquire Lion Electric for US$ 200 million. The combined entity will have a market cap of approximately US$ 1.90 billion. The merged firm will file for an initial public offering (IPO) on the NYSE. Date for the same is yet to be revealed.

In the past one week, the US$ 817-million SPAC’s share price has gone up over 29 per cent, led by the buzz around its potential acquisition of Lion Electric company.

When the Canada-based commercial vehicle maker unveiled its plan of US$ 185-million factory this week, Northern Genesis’ one-day trading volume shot up to 3.51 million shares.

Northern Genesis' One-Year Stock Performance Chart. (Source: EODHD/Others)

The stock has advanced by 14.54 year-to-date. It is currently trading at US$ 20.46 per stock.

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