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.
Plus to go public via merger with Hennessy Capital SPAC pehub.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pehub.com Daily Mail and Mail on Sunday newspapers.
/PRNewswire/ The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of Canoo Inc. (NASDAQ: GOEV; GOEVW) ("Canoo") f/k/a Hennessy Capital.
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Canoo Holdings Ltd. ( Canoo Holdings ) was an electric vehicle company that touted a unique business model that defies traditional ownership to put customers first. On or about December 21, 2020, Canoo Holdings became a public entity via merger with Hennessy Capital, with the surviving entity named Canoo.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) Canoo had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) Canoo would deemphasize its engineering services business; (3) contrary to prior statements, Canoo did not have partnerships with original equipment manufacturers and no longer engaged in the previously announced partnership with Hyundai; and (4) as a result of the foregoing, the defendants positive statements about Canoo s business
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LOS ANGELES, May 3, 2021 /PRNewswire/ Glancy Prongay & Murray LLP ( GPM ) reminds investors of the upcoming
June 1, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Canoo Inc. ( Canoo or the Company ) (NASDAQ: GOEV) securities between
August 18, 2020 and March 29, 2021 inclusive (the Class Period ).
If you suffered a loss on your Canoo investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/canoo-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.