Self-driving truck company Plus has agreed to merge with special-purpose acquisition company Hennessy Capital Investment Corp, to become the latest developer of self-driving vehicles seeking a flag listing via Blank Check.
The combined company is expected to have a market value of about $ 3.3 billion, Plus said in a statement on Monday, confirming a previous report published by Bloomberg News, and the company is raising $ 150 million from investors such as BlackRock and DA Show. & Co., through what is known as a private equity investment or a “PIPE” deal.
Plus shareholders will keep all of their current holdings, and their stake is expected to reach 80% when the deal is completed. The combined company is scheduled to trade on the New York Stock Exchange under the symbol “PLAV”.
Plus hired Goldman Sachs as its exclusive financial advisor. Barclays was the financial advisor and capital market advisor to the check company on the “Hennessy” blank, while Goldman Sachs and Barclays acted as joint placement agents.
How did Plus start?
In 2016, a group of Stanford University classmates founded the “Plus” company, and has been supported by investors such as Shanghai Automotive Industry Corp, GSR Ventures Management, and a Chinese long-distance transportation company known as “Full Turk Alliance”. It has a partnership with the European truck maker, Iveco, and is working with Cummins Inc. to use autonomous technology in natural gas trucks.
Plus raised $ 200 million in a funding round in February that attracted new investors such as Gotany Junan International Holdings and CITIC Private Equity Funds Management, and also raised an additional $ 220 million from investors led by Fountain West Partners and Claire. View Partners “in March.
The company began providing an automated drive system, “PlusDrive” to some customers in the United States and China this year, and the company recently hired Dennis Mooney from “Navi Star International Corp”, and Chuck Joseph from “Amazon.com Inc.” to help increase production and promote the adoption of technology. Plus.