Autonomous Driving Truck Company Plus Abandons Merger Deal With a SPAC

Self-driving truck startup using technology on heavy trucks to change commercial transportation and logistics Plus announced having abandoned a merger deal with a blank check company Hennessy Capital Investment Corp V (HCIC).

The companies made this announcement in a joint statement citing issues with regulatory environment outside the United States as the main reason to calling of the merger plan.

Back in May, Plus announced having entered into a merger deal valuing the company at $3.3 billion with the special purpose acquisition company (SPAC). The company says that following termination of the deal, no party will be required to pay a termination fee.

Going forward, Plus says it will be seeking a potential restructuring of certain aspects of its operations emanating from developments in the regulatory concerns outside of the United States.

We remain optimistic that the parties can once again explore a business combination in the near term that will further advance sustainable transportation,” said Hennessy Capital CEO, Daniel Hennessy.

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