Xos, Inc. Announces Filing of Form 8-K upon Closing of the Business Combination with NextGen Acquisition Corp (“NextGen”)
- Xos, Inc. began trading on the Nasdaq on August 20, 2021 under the ticker symbol “XOS” after completing a merger with NextGen Acquisition Corp.
- The completion of the business combination resulted in net proceeds of $216.7 million in cash (net of transaction costs and redemptions).
- Raised capital is expected to support the execution of Xos’ strategic plan into second half 2023.
LOS ANGELES, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Xos, Inc. (“Xos”) (Nasdaq: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, announced today the filing of the Form 8-K in connection with the business combination with NextGen Acquisition Corp. (“NextGen”).
The completion of the business combination resulted in net proceeds of $216.7 million in cash (including proceeds from the NextGen trust account and PIPE investment less transaction costs and redemptions). For details concerning the transaction, see the sections entitled “Introductory Note” and “Unaudited Pro Forma Condensed Combined Financial Information” in the Form 8-K available at investors.xostrucks.com.
“The closing of our transaction enables the continued execution of our strategic plan and the expansion of Xos’ Flex manufacturing facilities to deliver our projected vehicle production volumes through 2023. It also allows for continued investment in R&D, workforce growth, and the expansion of our distribution, services and infrastructure offerings,” said Dakota Semler, Co-Founder, Chairman and Chief Executive Officer of Xos. “Going public is a significant milestone in Xos’ mission to decarbonize transportation and provide purpose-built, zero-emission electric solutions to fleet owners and operators.”
About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to decarbonizing commercial trucking fleets. Xos designs and manufactures cost-competitive, fully electric commercial vehicles. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on last mile, back-to-base routes of less than 200 miles per day. The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding Xos’ strategic plans, capital sufficiency and manufacturing capabilities. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the effect of the announcement of Xos’ public listing on Xos’ business relationships, operating results, and business generally, (ii) risks that the public listing disrupts current plans and operations of Xos, (iii) the outcome of any legal proceedings that may be instituted against Xos, (iv) the ability to maintain the listing of Xos’ securities on a national securities exchange, (v) the price of Xos’ securities may be volatile due to a variety of factors, including changes in the industries in which Xos operates, variations in operating performance across competitors, changes in laws and regulations affecting Xos’ business, Xos’ inability to implement its business plan or meet or exceed its financial projections and changes in the capital structure, (vi) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, and (vii) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in the other documents filed by Xos from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and Xos assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.
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