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.