Northern Genesis Acquisition (NGA) Gains Momentum After Ugly February

Over the past month or so, SPACs (special purpose acquisition companies) have seen their stocks soar considerably; however, Northern Genesis Acquisition Corp (NYSE: NGA) is one SPAC stock that has declined considerably.

Northern Genesis Acquisition (NGA) Gains Momentum After Ugly February

In February, the stock declined by as low as 5% and much of the decline was driven by the decline in electric vehicle stocks. Northern Genesis is all set to merge with the electric vehicle company Lion Electric and bring it public. However, the widespread decline in electric vehicle stocks has led to a selloff in the SPAC.

It seems that investors are no longer willing to bet big on electric vehicle companies, which still remain largely dependent on rapid growth in order to be viable investments. The selloff in the stock in February was not a flash in the pan. It has continued in March as well and it remains to be seen if the Northern Genesis stock can bounce back.

Emile Ortega

Editor and Computer ExpertA hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.