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Why Northern Genesis Acquisition Stock Fell 18.1% in March

Apr 05, 2021 - Nasdaq
Mergers and Acquisitions

What happened

Shares of Northern Genesis Acquisition (NYSE: NGA) dipped 18.1% in March, according to data from S&P Global Market Intelligence. There wasn't any negative news for the special purpose acquisition company (SPAC) in the month, but its stock pulled back in conjunction with sell-offs for the broader electric vehicle (EV) space.

NGA data by YCharts.

Northern Genesis is on track to acquire EV maker Lion Electric and take it public through the merger. Lion Electric mak...