Electric Vehicle Maker Xos Goes Public via SPAC, Stock Sinks Nearly 15%

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.

Electric Vehicle Maker Xos Goes Public via SPAC, Stock Sinks Nearly 15%
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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LA Tech Week: Goldhirsh Foundation and the Positive Effects of Technology

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 Week: Goldhirsh Foundation and the Positive Effects of Technology
Photo taken by Decerry Donato

On Monday, Los Angeles-based philanthropic organization Goldhirsh Foundation hosted the Technology and Storytelling For Social Good panel at Creative Visions studio to kick off LA Tech week.

Tara Roth, president of the foundation, moderated the panel and gathered nonprofit and tech leaders including Paul Lanctot, web developer of The Debt Collective; Alexis Cabrera, executive director of 9 Dots; Sabra Williams, co-founder of Creative Acts; and Laura Gonzalez, senior program manager of Los Angeles Cleantech Incubator (LACI).

Each of the panelists are grantees of Goldhirsh Foundation’s LA2050, an initiative launched in 2011 that is continuously trying to drive and track progress toward a shared vision for the future of Los Angeles. Goldhirsh’s vision is to make Los Angeles better for all and in order to achieve their goal, the foundation makes investments into organizations, creates partnerships and utilizes social capital through community events.

The panelists shared how the work they are doing in each of their respective sectors uses technology to solve some of society's most pressing challenges and highlight the importance of tech literacy across every community.

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LA Tech Week Is Back! Here Are the Events We're Watching

Kristin Snyder

Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.

LA Tech Week Is Back! Here Are the Events We're Watching
Evan Xie

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LA Hardtech: Local Talent Meets CEOs: Want to see robots in action? This hardtech event will showcase product demos and feature conversations about all things aircrafts, satellites, electric vehicles, robots and medical devices. June 5 from 5 p.m. to 8 p.m. in El Segundo.

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SUPERCHARGE LA: Access to Capital & Cocktails (LA TECH WEEK)

Are you excited for LA Tech Week's most anticipated event: SUPERCHARGE LA: Access to Capital & Cocktails? We can't wait to see you at 1212 Santa Monica on Wednesday, June 7th, from 6-10 p.m.

Get ready for an evening filled with networking, inspiration, and fun with special guests Grammy-winning singer and entrepreneur Miguel, Los Angeles Chargers running back Austin Ekeler, and more!

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