Xos, Inc. began trading on the Nasdaq onAugust 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.
The completion of the business combination resulted in net proceeds of
“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
About
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
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
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2021 GlobeNewswire, Inc., source