Just as an FYI for anyone interested in NGA/LION and eventually LEV. I sent NGA investor relations an email to better understand what happens to my stock with the merger. They gave the following response:
"Thank you for your interest in Northern Genesis / Lion.
If the proposed transaction goes through your NGA shares will become LEV shares at a 1:1 ratio on the date of transaction closing (for example: if you have 6 shares of NGA then you will get 6 shares of LEV, this process happens automatically if you do nothing).
The issue of "redemption rights" means that you as an NGA shareholder have the "right" to "redeem" your shares by telling your broker/transfer agent that you would like to do so within 2 days of the vote on the proposed transaction. If you choose to "redeem" would not get LEV shares if the merger is approved, you would instead receive cash from the NGA trust equivalent to the % ownership your shares represented. Based on historical precedents, the cash in the trust account would be likely to be worth between $10.00 and $11.00 per share. So, for example, if you owned 65 shares of NGA and redeemed them you would get in the neighborhood of $650.00 - $725.00 for your shares."
Combine this with the outstanding warrants, founders shares, and the fact that shareholders only get about 20% of the company and it gets a little complicated to determine what a reasonable share price should be IMO.