Home Top Movers Let’s analyze why Northern Genesis Acquisition Corp (NGA) shares nosedived in the...

Let’s analyze why Northern Genesis Acquisition Corp (NGA) shares nosedived in the late hours

‎Northern Genesis Acquisition Corp (NGA) has been formed as a blank check company to effect mergers, capital stock exchanges, asset and stock purchases, reorganizations, or similar business combinations with one or more businesses. Though the Company may pursue an acquisition in any business or industry, it expects to focus on opportunities that demonstrate firm commitments to sustainability and align with environmental, social, and governance principles.

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The Northern Genesis Acquisition Corporation II priced its upsized initial public offering of 36,000,000 units for $10.00 per unit. Units are expected to be listed on the New York Stock Exchange tomorrow, Wednesday, January 13, 2021, under the ticker symbol “NGAB.U.” A unit is comprised of one share of the Company common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one share at the price of $11.50 per share. The warrants can only be exercised in wholes. Once the securities that comprise the units start trading separately, the common stock and warrants are expected to be listed individually on the NYSE under the symbols “NGAB” and “NGAB WS,” respectively.

CIBC Capital Markets and Barclays Capital Inc. are acting as joint book-running managers for the offering. If the Company over-allots shares, the Underwriters can purchase up to 5,400,000 additional shares at the IPO price within 45 days.‎‎

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Conclusion

This news didn’t fall well for the Investors after the market as they pulled the stock down in the late hours. Northern Genesis Acquisition Corp stock plunged -65.25% to $12.08 in the after-hours session as the Company with the Market Cap of 1.17B is trading at a distance of 101.17% from its 200-day Simple Moving Average.

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