KANSAS CITY, Mo. and
MONTREAL, April 23, 2021 /CNW/ - 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."
ABOUT NORTHERN GENESIS ACQUISITION CORP.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special
purpose acquisition company formed for the purpose of effecting a
merger, stock exchange, acquisition, reorganization or similar
business combination with one or more businesses. The Northern
Genesis management team brings a unique entrepreneurial
owner-operator mindset and a proven history of creating shareholder
value across the sustainable power and energy value chain. Northern
Genesis is committed to helping the next great public company find
its path to success; a path which will most certainly recognize the
growing sensitivity of customers, employees and investors to
alignment with the principles underlying sustainability.
ABOUT LION ELECTRIC
Lion Electric is an innovative manufacturer
of zero-emission vehicles. The company creates, designs
and manufactures all-electric class 5 to class 8 commercial
urban trucks and all-electric buses and minibuses for the school,
paratransit and mass transit segments. Lion is a North
American leader in electric transportation and designs, builds
and assembles all its vehicles' components, including chassis,
battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment and overall quality of life.
Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release constitute "forward-looking
statements" (which shall include forward-looking information within
the meaning of Canadian securities laws) within the meaning of
Section 27A of the Securities Act, including statements regarding
the anticipated completion of the business combination transaction,
NGA's amendment to its annual report on Form 10-K, the AMF's
clearance for the filing of the Canadian final non-offering
prospectus, and the listing of Lion's common shares and warrants on
the NYSE and the TSX. Forward-looking statements may generally be
identified by the use of words such as "believe," "may," "will,"
"continue," "anticipate," "intend," "expect," "should," "would,"
"could," "plan," "potential," "future," "target" or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, although not all
forward-looking statements contain such identifying words. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Lion's management and are not predictions of actual performance.
These forward-looking statements are provided for the purpose of
assisting readers in understanding certain key elements of Lion's
current objectives, goals, targets, strategic priorities,
expectations and plans, and in obtaining a better understanding of
Lion's business and anticipated operating environment. Readers are
cautioned that such information may not be appropriate for other
purposes and is not intended to serve as, and must not be relied
on, by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability.
Forward-looking statements involve inherent risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Lion, and are based on a number of
assumptions, as well as other factors that Lion believes are
appropriate and reasonable in the circumstances, but there can be
no assurance that such estimates and assumptions will prove to be
correct or that Lion's vision, business, objectives, plans and
strategies will be achieved. Many risks and uncertainties could
cause Lion's actual results, performance or achievements or future
events or developments to differ materially from those expressed or
implied by the forward-looking statements.
In addition, forward-looking statements reflect Lion's
expectations, plans or forecasts of future events and views as of
the date of this press release. Lion anticipates that subsequent
events and developments will cause Lion's assessments to change.
However, while Lion may elect to update these forward-looking
statements at some point in the future, Lion has no intention and
undertakes no obligation to do so, except as required by applicable
law. These forward-looking statements should not be relied upon as
representing Lion's assessments as of any date subsequent to the
date of this press release. Lion's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The complete version of the cautionary note regarding
forward-looking statements as well as a description of the relevant
assumptions and risk factors likely to affect Lion's actual
results, performance or achievements or future events or
developments to differ materially from those expressed or implied
by the forward-looking statements are included in the registration
statement on Form F-4 filed by Lion under its profile on EDGAR
at www.sec.gov.
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SOURCE Lion Electric