Northland raised the firm’s price target on Xos (XOS) to $22.50 from 75c to account for the 1-for-30 reverse stock split that took place on Dec. 6, 2023 and keeps an Outperform rating on the shares after the company announced a proposed merger with ElectraMeccanica (SOLO). The firm is “incrementally positive” on the proposed combination, which it says could bring in about $50M in cash at a “significantly better cost of capital” than what Xos would incur by issuing shares directly in the open market.
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