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Driving Forward With Lion Electric On 'SPACs Attack'

April 22, 2021 12:37 pm
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Driving Forward With Lion Electric On 'SPACs Attack'

Lion Electric Co. is set to go public via the special purpose acquisition company Northern Genesis Acquisition Corp (NYSE:NGA) in a $1.8-billion deal.

The company will be trading above $50 per share in 2024, Benzinga's Mitch Hoch said Wednesday on the YouTube show "SPACs Attack."

Lion Electric has a lot working for it, Hoch said, adding that the company has multiple streams of revenue. 

He pointed to the company's projected sales in 2024 of 20,000 vehicles and 50% vehicle production cost reduction as drivers for the stock. 

Lion Electric projects that it will have annual revenue of more than $3.5 billion in 2024.

See Also: IKEA To Electrify Last-Mile Delivery In Canada With Lion Electric

The SPAC deal is expected to close on April 23 pending shareholder approval. If the merger is approved, the company will trade on the New York Stock Exchange under the ticker symbol "LEV."

NGA Price Action: Northern Genesis Acquisition Corp. was down 3.26% at $15.12 at last check Thursday.

Image by FranckinJapan from Pixabay

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