Electric vehicle maker Xos made a disappointing debut on Wall Street Friday after shareholders announced its merger with blank check company NextGen Acquisition Corp. this week.
Xos ended its first day of trading under the new ticker XOS (formerly NGAC) 14.5% less than yesterday before the deal was officially closed. The company opened at $ 8.64 per share and ended regular trading today at $ 7.55.
The Atwater Village-based company manufactures electric delivery vehicles and mobile charging stations and recently announced a contract with FedEx to provide 120 electric trucks for use in five states later this year.
In a statement on its debut, Xos said: “The official ticker change from NGAC to XOS means new potential, new growth and new beginnings for the company. We are excited about our debut on Nasdaq and look forward to participating in the upcoming official bell ringing. “
Xos aims to “decarbonise transportation with reliable electric trucks, powertrains and the tools to propel them”. The company is specifically focused on Class 5-8 vehicles, including medium to heavy duty vans and trucks. The company’s efforts come as California cracks down on the pollution of large oil rigs.
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