Northern Genesis Acquisition Corp. (NGA) Shareholders Approve Lion Electric Deal

Northern Genesis (NYSE:NGA) announced that its shareholders approved its business combination with EV-maker Lion Electric at its special meeting held earlier today.

The business combination will now be completed shortly, however the parties have opted to wait until Northern Genesis has had the opportunity to file an amended 10-K, re-stating its warrants as derivative liabilities in response to recent SEC comments. The deal must also be approved by regulatory bodies in Lion’s home jurisdiction of Quebec.

Northern Genesis did not disclose redemption figures in its press release, but they are unlikely to have been significant as the SPAC has not traded below $13 yet this year and opened ahead of the vote at $15.99.

The two sides initially announced their $1.5 billion combination on November 30. Lion produces all-electric heavy trucks, buses and minibuses for the school, paratransit, and mass transit markets. All other measures on the ballot also passed, however Northern Genesis has not yet filed an 8-K outlining full tallies.

ADVISORS

• National Bank Financial, BMO Capital Markets and Roth Capital Partners, LLC are serving as financial advisors to Lion.
• Stikeman Elliott LLP and Vinson & Elkins L.L.P. are serving as legal advisors to Lion.
• Barclays Capital Inc. is serving as exclusive M&A and capital markets advisor to Northern Genesis.
• Husch Blackwell and Borden Ladner Gervais LLP are serving as legal advisors to Northern Genesis.
• Barclays Capital Inc. is serving as lead placement agent and BMO Capital Markets and Roth Capital Partners, LLC are serving as placement agents.
• Mayer Brown LLP is serving as legal advisor to the lead placement agent.