Northern Genesis Acquisition Corp. II Announces the Separate Trading of its Common Stock and Warrants, Commencing March 5, 2021

Rhea-AI Summary

Northern Genesis Acquisition Corp. II (NYSE: NGAB.U) has announced the separation of its units starting March 5, 2021. Shareholders can now trade shares of common stock and warrants separately, with the new trading symbols being ‘NGAB’ for common stock and ‘NGAB.W’ for warrants. The units will continue to trade under ‘NGAB.U’. As a blank check company, Northern Genesis aims to focus on businesses aligned with sustainability and strong environmental, social, and governance principles. The offering was initially underwritten by J.P. Morgan, Barclays, and CIBC.

Positive

• Shareholders can trade common stock and warrants separately, increasing liquidity.
• Focus on sustainable businesses could lead to attractive acquisition opportunities.

Negative

• None.

Kansas City, MO , March 04, 2021 (GLOBE NEWSWIRE) -- Northern Genesis Acquisition Corp. II (NYSE: NGAB.U) (the “Company”) today announced that, commencing March 5, 2021, holders of the units sold in the Company’s initial public offering may elect to separately trade shares of the Company’s common stock and warrants included in the units.

No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The shares of common stock and warrants that are separated will trade on the New York Stock Exchange (“NYSE”) under the symbols “NGAB” and “NGAB.W,” respectively. Those units not separated will continue to trade on the NYSE under the symbol “NGAB.U.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of common stock and warrants.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company may pursue an acquisition opportunity in any business or industry, it intends to focus on opportunities whose business model demonstrates clear commitments to sustainability and strong alignment with environmental, social and governance principles.

The units were initially offered by the Company in an underwritten offering.  J.P. Morgan Securities LLC, Barclays Capital Inc. and CIBC Capital Markets acted as the joint book running managers for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained for free from the U.S. Securities and Exchange Commission (the “SEC”) website at www.sec.gov or from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com; CIBC World Markets Corp., Attn: USE Prospectus Department, 425 Lexington Ave, 5th floor, New York, NY 10017, by telephone at (800) 282-0822 or by email at useprospectus@cibc.com.

A registration statement relating to these securities was declared effective by the SEC on January 12, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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 any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the Company’s search for an initial business combination. No assurance can be given that the offering discussed above or the Company’s initial business combination will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Investor Relations
Investors@northerngenesis.com
816-514-0324

FAQ

What does the separation of units mean for NGAB.U shareholders?

Starting March 5, 2021, NGAB.U shareholders can trade their shares of common stock and warrants separately, which can enhance liquidity.

What are the new trading symbols for Northern Genesis Acquisition Corp. II?

After the separation, the common stock will trade under the symbol ‘NGAB’ and the warrants under ‘NGAB.W’.

What is the focus of Northern Genesis Acquisition Corp. II in its business strategy?

The company intends to pursue acquisition opportunities that demonstrate commitments to sustainability and align with environmental, social, and governance principles.