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XL Fleet

Canaccord Genuity Advises XL Fleet, a Commercial Vehicle Electrification Leader, on its SPAC Merger with Pivotal Investment Corp. II (NYSE: PIC)

Transaction will help XL scale core profitability and accelerate growth through rapid new product development and international expansion.

Canaccord Genuity is pleased to announce it has advised XL Fleet (“XL”) on its merger with Pivotal Investment Corp II (NYSE: PIC) (“PIC”), a publicly-traded special purpose acquisition company (“SPAC”). The transaction, which was approved by shareholders on December 21, 2020, provided XL with approximately $350 million in capital to accelerate its growth plans. Based on the share price that day, the pro-forma market value of the combined company is approximately $2.8 billion. In addition, the transaction resulted in the combined company being renamed “XL Fleet Corp.” which remains listed on the New York Stock Exchange under the ticker symbol “XL” (NYSE: XL).

XL is a leading provider of vehicle electrification solutions, with proven, proprietary technology and electrified drive systems that work seamlessly across a wide range of vehicle classes and types. XL has become a trusted brand for over 200 of the largest commercial and municipal fleets in North America, with more than 3,200 XL systems deployed and over 130 million miles driven by customers to date. XL's plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019.

Proceeds from the transaction will enable XL to advance and accelerate the growth of its industry-leading fleet electrification platform, through the development of new products such as all electric and Class 7-8 solutions, and broader deployment of its XL Grid charging infrastructure division and its “Electrification as a Service” offering. Proceeds will also be used to accelerate XL’s plans to expand internationally.

The Canaccord Genuity team includes Dan Coyne, Marc Marano, Chris DiPietro and Dan Grimes from Investment Banking with support from Jen Pardi and Brian O’Connor from U.S. Equity Capital Markets.


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