Why Northern Genesis Acquisition Stock Is Higher Today

John Rosevear, The Motley Fool
·2-min read
Why Northern Genesis Acquisition Stock Is Higher Today

Shares of Northern Genesis Acquisition (NYSE: NGA) were trading higher on Monday after this special-purpose acquisition company (SPAC) announced that it will merge with the Lion Electric Company, a Canadian maker of battery-electric buses and trucks. As of 3 p.m. EST, Northern Genesis's shares were up about 7.4% from Friday's closing price. Founded and run by veterans of electric-utility and infrastructure companies, Northern Genesis Acquisition, like other SPACs, has no ongoing business of its own; it exists to acquire or merge with other businesses.