NextGen Acquisition Corporation Shareholders Approve Business Combination With Xos . good

LOS ANGELES, August 18, 2021–(BUSINESS WIRE)–NextGen Acquisition Corp. (“NextGen”) (NASDAQ: NGAC) announced today that its shareholders have approved all proposals related to the previously announced business combination with Xos, Inc. (“Xos”, or “the Company”), a leading manufacturer of Class 5 to Class 8 all-electric commercial vehicles at a special meeting of shareholders held today. A Form 8-K containing the full voting results is expected to be filed with the Securities and Exchange Commission.

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Closing of the business combination is expected to occur on or about August 19, 2021, and trading of the combined company is expected to occur on August 20.^e after the merger’s effectiveness. After the closure, the combined company will be known as “Xos, Inc.” and is expected to trade on the Nasdaq Stock Market under the new ticker symbol “XOS”.

About NextGen

NextGen Acquisition Corporation is a blank check company whose business purpose is to effect a merger, equity exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more companies. NextGen is led by George Mattson, a former partner at Goldman, Sachs & Co., and Gregory Summe, former chairman and CEO of PerkinElmer and vice chairman of the Carlyle Group. NextGen is listed on NASDAQ under the ticker symbol “NGAC”. For more information, visit www.nextgenacq.com.

About Xos, Inc.

xos, inc. is an electric mobility company dedicated to making fleets more efficient. Xos designs and develops all-electric battery mobility systems specifically for commercial fleets. The company’s primary focus is on medium and heavy commercial vehicles traveling on “last mile” routes (ie predictable routes that are less than 200 miles per day). The company uses its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost-effective in terms of total cost of ownership (TCO) than their internal combustion engine counterparts and commercial EVs. For more information, visit www.xostrucks.com.

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Warning 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 Xos’ products, customers and markets. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “plan”, “strategy”, “future”, “opportunity”, ” plan,” “may,” “would,” “will,” “would,” “will be,” “will continue,” “probably will 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 could adversely affect the price of NextGens securities, (ii) the risk that the transaction may not close by the closing date for the business combination of NextGens and the possible failure to obtain an extension of the term for the business combination if NextGen seeks, (iii) failure to meet the closing conditions of the transaction, including the approval of the Merger Agreement by NextGen’s shareholders, the availability of the minimum amount of cash available in the trust account on which substantially all proceeds of the initial public offering of NextGen and private placements of its warrants have been canceled t following repurchases by public shareholders of NextGens and the receipt of certain government and regulatory approvals, (iv) the lack of a third party valuation to determine whether or not the proposed transaction goes through, (v) the inability to 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 continuation of the transaction on Xos’ business relationships, results of operations and affairs in general, (viii) risks that the proposed transaction will disrupt Xos’ current plans and operations and potential difficulties in retaining Xos employees as a result of the transaction, (ix) the outcome of any legal action that may be brought against Xos or against NextGen in connection with the Merger Agreement or the proposed transaction transaction, (x) the ability to maintain the listing of NextGens securities on a national stock exchange, (xi) the price of NextGens securities may be volatile due to a variety of factors, including changes in the seven competitive and regulated industries in which NextGen intends to operate or Xos operates, variations in operating performance among competitors, changes in laws and regulations affecting NextGens’ or Xos’ operations, the inability of Xos to execute its business plan or forecast its financial projections. meet or exceed changes in the combined capital structure, (xii) the ability to implement business plans, forecasts and other expectations following the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of decline 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 the NextGens Annual Report on Form 10-K, as amended, and the final proxy statement/prospectus filed by NextGen at the SEC on July 30, 3031 and other filings filed with the SEC by NextGen from time to time. These filings identify and address other significant risks and uncertainties that could cause actual events and results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place 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 provides any assurance that Xos or NextGen, or the combined company, will live up to its expectations.

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Contacts

Xos Investor Relations
[email protected]

Xos Media Relations
[email protected]

Next generation
[email protected]