Plus, a U.S-based provider of self-driving truck technology, has announced it’s intentions to list on the NYSE via a business combination agreement with Hennessy Capital Investment Corp. V (NASDAQ: HCIC), a publicly traded special purpose acquisition company (SPAC). Upon closing, Plus will be a publicly traded company and its common stock is expected to trade on the NYSE under the ticker symbol “PLAV”.
The transaction represents a post-combination market capitalisation of approximately $3.3 billion for Plus upon closing.
The company plans to begin mass production of an autonomous driving solution, PlusDrive, starting in 2021 with FAW, the world’s largest heavy-truck manufacturer.
In addition, Plus is working with some of the largest fleets in the U.S. and China to pilot commercial freight operations. The company is also working with IVECO, one of the top global truck manufacturers in the world, to jointly develop autonomous trucks that will be deployed across China, Europe and other geographies.
David Liu, CEO and Co-founder of Plus, says: “This transaction enables Plus to continue growing our business globally, so that fleets and drivers can benefit from our revolutionary technology and usher in a new generation of innovation. At the same time, the transaction introduces a partner in HCIC V that shares our focus on sustainable technology and infrastructure, is aligned on our growth and value creation objectives, and recognizes the challenges trucking companies face today. We look forward to working closely with the HCIC V team as we move to commercial deployment and deliver value for drivers, customers and shareholders.”
Daniel J. Hennessy, Chairman and CEO of HCIC V, adds: “HCIC V was formed with the goal of merging with a company that provides sustainable technologies. While we evaluated a number of potential partners, Plus stood out for its unique AI-powered autonomous trucking technology, its partnerships with OEMs and world-class customers, and its strategic roadmap to start the broad commercialization of its intelligent transportation solutions today. We look forward to collaborating with David and his team of experts in automotive safety, self-driving technology, artificial intelligence, robotics, cybersecurity and product development, as Plus transforms the global freight market with a safe self-driving trucking system and creates shareholder value.”
Plus and HCIC V’s business combination is expected to close in the third quarter of 2021, subject to regulatory approvals and customary closing conditions, including the approval of HCIC V’s shareholders.
Keyword: Self-Driving U.S. Truck Technology Group Plus to List on NYSE Via Business Combination