Xos SPAC Presentation Deck
Transaction Overview
TIMELINE
● Xos and NextGen expect to enter into a business combination agreement in February 2021.
● Transaction is anticipated to close in the 1st half of 2021.
• Post-closing company will be a Delaware corporation and retain the Xos name.
TRANSACTION FUNDING
• $515mm cash to balance sheet, subject to shareholder redemptions.
NextGen (NASDAQ: NGAC) has $375mm cash in trust.
PIPE size of $220mm.
● Transaction is expected to fully fund business model through cash flow positive.
VALUATION
• Enterprise Value of $1.45B (Implied EV / 2024E Revenue multiple of 0.5x, based on revenue of $2,970mm).
• Existing Xos shareholders would receive 64.9% of the pro forma equity at close.
A
LOOMIS
ZSSKONTCYCLE
Confidential and Privileged, Property of Xos, Inc.
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