Futures are mixed this morning after yesterday’s losses. As of now the S&P, the Dow and the Nasdaq are all up for the week, after last week’s downturn. Only time will tell if gains will hold for the final trading session of the week.
Don’t miss the boat on the exciting SPAC merger that was just announced. XL Fleet announced it’s going public through a merger with Pivotal Investment Corporation (PIC) with an anticipated implied enterprise value of ~$1B.
XL Fleet plays an integral role in assisting several blue-chip companies move toward carbon neutrality with their hybrid and plug-in hybrid electrification systems and on-board telematics for commercial and municipal fleets. Their most notable endeavors include XL Hybrid, XL Plug-in and XL Link. The XL Hybrid system delivers an increase in MPG and a reduction in CO2 emissions for class 2-6 fleets and is available on major OEM platforms including Ford, Chevy, GM and Isuzu. XL Link provides fleets with actionable intelligence on their vehicle electrification metrics and emissions reduction summaries. XL’s customer base includes FedEx, The Coca-Cola Company, PepsiCo, Verizon, Seattle Fire Dept., Yale University and Harvard.
XL’s CEO Dimitri Kazarinoff commented, “We believe that this transaction will enable XL Fleet to advance and accelerate the growth of our industry leading fleet electrification business, including a rapid expansion of our product offerings. With thousands ofXL-equipped vehicles already on the road today, we are excited to continue to pave the way for fleets seeking to promote sustainability while improving operational efficiency.”
The merger is expected to be complete in Q4 2020. Upon closing, the combined company will be named XL Fleet and is expected to remain on the NYSE under the new ticker symbol XL. PIC stock is up in pre-market trading and may continue to rocket as the news spreads.
