Cars Xos: Is the next Tesla competitor going public via SPAC?
Household mixing and five-day window: Meeting to look at plans for easing COVID rules at Christmas
Michael Gove will chair a COBRA meeting with devolved administrations later as discussions continue about Christmas rules, according to government sources. Ministers are trying to agree a UK-wide approach to relaxing COVID-19 restrictions over the festive period with the leaders of Scotland, Wales and Northern Ireland.The talks involving the Cabinet Office minister and the devolved governments are expected to get under way around 4pm.Ministers are working on plans for three households and a five-day break, from Christmas Eve to 28 December, subject to agreement among the four nations of the UK.
Tesla competitor Xos Trucks Inc could soon be listed on the stock exchange. According to reports, he is not aiming for a classic IPO, but instead chooses the abbreviation using a SPAC.
• Xos Trucks strives for the stock exchange
• Tesla competitor is negotiating with a SPAC
• Talks could still fail
In view of the climate debate, public interest is also directed towards alternative Drives. Apparently, Xos also wants to use this momentum and venture onto the trading floor. The California-basedcompetitor, which operated under the name Thor until 2019, builds e-trucks to replace diesel delivery vehicles on the roads. His customers include the US package giant .
21 classic car myths busted
21 classic car myths busted
IPO via SPAC
As "Reuters" reports, Xos wants to follow the example of numerous other companies - such as the other Tesla competitor- and use a back door to get publicly on the stock exchange. It was learned from informed circles that Xos was in merger negotiations with the acquisition company . Xos could be valued at around $ 2 billion.
In order to manage this business, NextGen is already in talks with investors regarding a capital increase under exclusion of subscription rights (private investment in public equity). In such PIPE transactions, a company addresses a limited group of investors directly.
If the talks are successful, according to "Reuters" an agreement could be reached this month. However, it is also possible that the negotiations will still fail and no deal will be reached. Officially, both Xos and NextGen would have refused to comment.
Third national lockdown not ruled out as minister warns it may be summer before we 'get back to normal'
It is "too early to say" if another national lockdown will be needed after Christmas, according to a senior minister. George Eustice said "you can't rule anything out" when asked by Sky News if the "stay at home" measures could come back into force to keep coronavirus under control.The environment secretary also admitted it may be as late as "next summer" until "we can all start to get back to normal" - dependent on a vaccine.A crucial vote is coming up in parliament tomorrow on Prime Minister Boris Johnson's tier system and attempted return to a regional rules approach from 2 December.
What is a SPAC?
NextGen is a so-called "Special Purpose Acquisition Company" (SPAC), which can be translated with acquisition companies or shell companies. So it is just an empty, but listed company shell, the organizers of which collect money from investors in order to buy up another promising company, which is then merged with the SPAC and brought to the stock exchange in this way - almost via a shortcut.
For Xos, this would have the advantage that the IPO would be significantly less complicated than with a traditional IPO (Initial Public Offering). On the one hand, Xos does not have to search for investors itself, and on the other hand, the lengthy approval process of the US Securities and Exchange Commission is no longer necessary. Finanzen.net editorial team
Tesla is looking for reinforcements in the fight against "social media escalations" .
Tesla boss Elon Musk is known for his extensive Twitter presence. Many Tesla fans and drivers try to get in direct contact with Elon Musk via Twitter. Now Tesla is on the lookout for a full-time employee who is apparently supposed to relieve some of Elon Musk's social media burden. © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images • Tesla without PR department • Many Tesla fans and customers with direct Twitter inquiries to Elon Musk • Remote point for processing against Elon Musk dir