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Wall Street watching as TuSimple focuses on autonomous trucking’s holy grail
As first public driverless entry, San Diego company details ambitions for analysts
0 1,321 4 minutes read TuSimple is forging ahead with a Q4 pilot removing the driver from its Level 4 software-equipped Navistar autonomous truck. (Photo: TuSimple)
As the first autonomous trucking software company to go public, TuSimple Holdings is earning Wall Street credibility. Most analysts offer positive commentary on the 5-year-old startup.
They appear fixated on the company’s plan to remove the driver from Class 8 semis on night runs covering 113 miles on Interstate 10 between Phoenix and Tucson, Arizona. On TuSimple’s first earnings call Monday, questions about the pilot the holy grail of autonomous trucking piled up.
Autonomous truck startup Plus to go public through $3.3b SPAC merger
May 11, 2021
Plus, a US autonomous truck startup backed by Sequoia Capital China, plans to go public by merging with special purpose acquisition company (SPAC) Hennessy Capital Investment Corp V in a deal that values it at about $3.3 billion.
According to a statement on Monday, Plus will generate about $500 million in gross proceeds through the SPAC merger to accelerate commercialisation and expand global operations.
The amount includes $150 million from a private investment in public equity (PIPE) deal, which refers to the practice of private investors buying publicly traded stock at a price below the current price available to the public. The PIPE deal roped in investors, including global asset manager BlackRock, New York-based hedge fund D.E. Shaw Group, and other institutional investors.
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Autonomous Trucking Technology Company Plans to Start Mass Production in 2021
Proprietary Full-Stack Level 4 ( L4 ) Software is Behind the Decision-Making Required to Autonomously, Safely and Intelligently Drive the Vehicle
Post-Combination Represents Market Capitalization of $3.3 Billion for Plus
Plus to Add Up to Approximately $500 Million in Gross Proceeds to Accelerate Commercialization and Expand Global Operations
Transaction Supported by $150 Million PIPE, Including Investments From Funds and Accounts Managed by BlackRock and the D. E. Shaw Group, Among Other Institutional Investors
CUPERTINO, Calif. and NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) Plus (formerly Plus.ai) (the Company ), a global provider of self-driving truck technology, announced it has entered into a definitive business combination agreement with Hennessy Capital Investment Corp. V (NASDAQ:HCIC) ( HCIC V or Hennessy Capital ), a publicly traded special purpose acquisition company. Upon closing
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Self-driving truck software developer Plus signed a definitive agreement Monday to merge with special purpose acquisition company (SPAC) Hennessey Capital V in a deal expected to bring $500 million in cash and a $3.3 billion valuation to Plus in Q3.
Hennessey is a veteran creator of shell companies funded by blank check investors seeking to profit from merging with a startup or early-stage company. Hennessey sponsored the public debuts of flatbed logistics company
Daseke Inc. (NASDAQ: DSKE) in 2017 and more recently backed startup electric vehicle maker
Canoo Inc. (NASDAQ: GOEV) among four previous SPAC sponsorships. While we evaluated a number of potential partners, Plus stood out for its unique AI-powered autonomous trucking technology, its partnerships with OEMs and world-class customers, and its strategic road map to start the broad commercialization of its intelligent transportation solutions today, Daniel J. Hennessy, chairman and CEO of