The Xos stepvan has successfully completed
rigorous durability testing designed to simulate lifecycle
commercial vehicle demands
Xos, Inc. (“Xos”), a leading manufacturer of fully electric
Class 5 to Class 8 commercial vehicles that has announced a planned
business combination with NextGen Acquisition Corporation (NASDAQ:
NGAC, “NextGen”), today announced that the Xos stepvan has
successfully completed a key durability test at an automotive test
track and proving grounds in New Carlisle, Indiana.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210805005379/en/
For more information on the rigorous durability testing process
and its essential role in developing best-in-class electric
vehicles, please see a newly released video here.
“Passing our durability testing is a critical operational
validation for Xos trucks and a key achievement for the entire Xos
team,” said Dakota Semler, Co-Founder and CEO of Xos. “Xos is
committed to delivering reliable, proven electric vehicles that
deliver excellent range, payload capacity, ease of operation, and
ease of charge in the rigorous commercial vehicle operating
environment for the life cycle of the vehicle. We look forward to
continuing to deliver best-in-class electric vehicles to existing
and prospective customers, further advancing the electrification of
commercial fleets.”
Durability testing is an important part of the customer
evaluation process when considering new commercial fleet vehicles.
Xos’ durability tests were conducted over 4,000 driven miles by
professional drivers and are comprised of different types of varied
terrain designed to test and challenge the vehicles’ structural
integrity, including chatter and impact bumps, resonance, and
undulating, gravel and cross-country roads. The tests simulate
200,000 miles of real world driving and are representative of the
full range of terrain and conditions that a vehicle may encounter
during its lifespan. These tests provide valuable data that is used
by Xos engineers to improve on existing truck designs.
“We were encouraged through the successful life cycle testing of
the Xos stepvan to see that our vehicle performed as expected,
providing validation that the durability of our vehicle will meet
the demands of our commercial fleet customers. The data provided by
this rigorous vehicle test will also allow our engineering team to
make the Xos stepvan even more durable and resilient as part of our
continuous improvement process, accelerating our time to market,
improving our design quality and reducing validation costs for new
products,” said Rob Ferber, Xos’ Chief Technology Officer.
Xos plans to close its previously announced business combination
with NextGen in the third quarter of 2021.
About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to making
fleets more efficient. Xos designs and develops fully electric
battery mobility systems specifically for commercial fleets. The
company’s primary focus is on medium- and heavy-duty commercial
vehicles that travel on “last mile” routes (i.e. predictable routes
that are less than 200 miles per day). The company leverages its
proprietary technologies to provide commercial fleets zero emission
vehicles that are easier to maintain and more cost-efficient on a
total cost of ownership (TCO) basis than their internal combustion
engine and commercial EV counterparts. For more information, please
visit www.xostrucks.com.
About NextGen
NextGen Acquisition Corporation is a blank check company whose
business purpose is to effect a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses. NextGen is led by
George Mattson, a former Partner at Goldman, Sachs & Co., and
Gregory Summe, former Chairman and CEO of Perkin Elmer and Vice
Chairman of the Carlyle Group. NextGen is listed on NASDAQ under
the ticker symbol "NGAC." For more information, please visit
www.nextgenacq.com.
IMPORTANT LEGAL INFORMATION
Additional Information and Where to Find It
This document relates to a proposed transaction between Xos and
NextGen. This document is not a proxy statement or solicitation of
a proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy any securities,
nor shall there be any sale of securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. In connection with
the proposed transaction, NextGen filed a registration statement on
Form S-4 with the SEC on May 14, 2021, as amended on June 25, 2021,
July 22, 2021, July 28, 2021 and July 29, 2021, which was declared
effective by the SEC on July 30, 2021 and includes a document that
serves as a prospectus and proxy statement of NextGen (the “proxy
statement/prospectus”). A definitive proxy statement/prospectus has
been mailed to all NextGen’s shareholders of record as of July 2,
2021, the record date established for the extraordinary general
meeting of shareholders relating to the proposed transaction. The
proxy statement/prospectus will be sent to all NextGen
shareholders. NextGen also will file other documents regarding the
proposed transaction with the SEC. Before making any voting
decision, investors and security holders of NextGen are urged to
read the registration statement, the proxy statement/prospectus
included therein and all other relevant documents filed or that
will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain
important information about the proposed transaction. Investors and
security holders may obtain free copies of the registration
statement, the proxy statement/prospectus included therein and all
other relevant documents filed or that will be filed with the SEC
by NextGen through the website maintained by the SEC at
www.sec.gov. The documents filed by NextGen with the SEC also may
be obtained free of charge at NextGen’s website at
https://www.nextgenacq.com/nextgen-i.html or upon written request
to 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Xos and NextGen, including
statements regarding the anticipated timing of the transaction and
the products, customers and markets of Xos. 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 risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of NextGen’s securities, (ii) the risk that the transaction may not
be completed by NextGen’s business combination deadline and the
potential failure to obtain an extension of the business
combination deadline if sought by NextGen, (iii) the failure to
satisfy the conditions to the consummation of the transaction,
including the adoption of the Merger Agreement by the shareholders
of NextGen, the availability of the minimum amount of cash
available in the trust account in which substantially all of the
proceeds of NextGen's initial public offering and private
placements of its warrants have been deposited following
redemptions by NextGen’s public shareholders and the receipt of
certain governmental and regulatory approvals, (iv) the lack of a
third party valuation in determining whether or not to pursue the
proposed transaction, (v) the inability to complete the PIPE
investment in connection with the transaction, (vi) the occurrence
of any event, change or other circumstance that could give rise to
the termination of the Merger Agreement, (vii) the effect of the
announcement or pendency of the transaction on Xos’s business
relationships, operating results, and business generally, (viii)
risks that the proposed transaction disrupts current plans and
operations of Xos and potential difficulties in Xos employee
retention as a result of the transaction, (ix) the outcome of any
legal proceedings that may be instituted against Xos or against
NextGen related to the Merger Agreement or the proposed
transaction, (x) the ability to maintain the listing of NextGen’s
securities on a national securities exchange, (xi) the price of
NextGen’s securities may be volatile due to a variety of factors,
including changes in the seven competitive and regulated industries
in which NextGen plans to operate or Xos operates, variations in
operating performance across competitors, changes in laws and
regulations affecting NextGen’s or Xos’ business, Xos’ inability to
implement its business plan or meet or exceed its financial
projections and changes in the combined capital structure, (xii)
the ability to implement business plans, forecasts, and other
expectations after the completion of the proposed transaction, and
identify and realize additional opportunities, and (xiii) 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 of NextGen’s registration statement
on Form S-1 (File No. 333-248921), the registration statement on
Form S-4 discussed above, the proxy statement/prospectus and other
documents filed or that may be filed by NextGen from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward looking statements, and Xos and NextGen assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither Xos nor NextGen gives any
assurance that either Xos or NextGen, or the combined company, will
achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20210805005379/en/
Xos Investor Relations investors@xostrucks.com Xos Media
Relations press@xostrucks.com NextGen info@NextGenacq.com
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