Autonomous Truck Startup Plus To Go Public With $ 3.3 Billion PSPC Deal
Adds advisers background
May 10 (Reuters) – Plus said on Monday it would go public through a merger with blank check firm Hennessy Capital Investment Corp. V HCIC.O in a deal that values the startup of autonomous truck technology at $ 3.3 billion.
The combined company will get $ 500 million in proceeds from the deal, including a $ 150 million private investment. Investors in the deal include BlackRock BLACK.N and the DE Shaw group, among others.
In February, Plus raised $ 200 million in a funding round, co-led by brokerage firm Guotai Junan International and private equity firm CPE, according to data from Pitchbook.
Founded in 2016, California-based Plus makes an automated heavy-duty truck driving system called PlusDrive that can be installed on trucks or attached as a feature to trucks in production, according to its website.
Hennessy Capital Investment raised $ 345 million when it went public in January this year.
A PSPC is a company with no regular business activities but with a pool of capital raised through an IPO that it uses to bring a private company to the stock exchange.
Plus will be listed on the New York Stock Exchange under the symbol “PLAV” after the transaction closes in the third quarter of this year.
Goldman Sachs was financial advisor to Plus and Barclays Capital advised PSPC on the transaction.
(Reporting by Niket Nishant and Sohini Podder in Bangalore; Editing by Shinjini Ganguli)
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