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Cars Xos: Is the next Tesla competitor going public via SPAC?

06:00  19 february  2021
06:00  19 february  2021 Source:   finanzen.net

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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.

ASIF HASSAN/AFP/Getty Images © Provided by Finanz.net ASIF HASSAN / AFP / Getty Images

• 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-based Tesla competitor, 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 UPS .

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IPO via SPAC

As "Reuters" reports, Xos wants to follow the example of numerous other companies - such as the other Tesla competitor Nikola - 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 NextGen Acquisition Corp . 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.

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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

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