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Xos Goes Public Via SPAC

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Xos Goes Public Via SPAC
Xos

Electric vehicle maker Xos made an underwhelming Wall Street debut on Friday, after shareholders approved its $2 billion merger this week with blank-check company NextGen Acquisition Corp.

Xos finished its first day trading under the new ticker XOS (previously NGAC) down by 14.5% from yesterday, before the transaction was officially complete. The company opened at $8.64 per share and wrapped regular trading today at $7.55.

The Atwater Village-based firm produces electric delivery vehicles and mobile charging stations, and recently it announced a deal with FedEx to provide it with 120 electric trucks later this year for use across five states.

In a statement on the debut, Xos said: "The official ticker switch from NGAC to XOS signifies new potential, new growth, and new beginnings for the company. We're thrilled about our debut on Nasdaq and look forward to participating in the upcoming official bell-ringing ceremony."

Xos aims to decarbonize "transportation with reliable electric trucks, powertrains, and the tools to power them." The company focuses specifically on class 5-8 vehicles, encompassing medium to heavy-duty delivery vans and trucks. The company's efforts come as California cracks down on polluting big rigs.

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10 TikTok Gadgets That Went Viral In 2022

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

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Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Disney Taps Bob Iger for CEO, Former Meta Exec Joins DeSo
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“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Swell Energy Lands $120M, Modyfi Draws in $8M
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