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Self-driving truck startup plus merges with Hennessy Capital Pull on regulatory uncertainty

Self-driving truck startup Plus and blank check firm Hennessy Capital Investment Corporation V have ceased the merger, the two companies said Monday, citing developments in the regulatory environment outside the United States.

Plus announced in May that it would open its startup to a $ 3.3 billion deal in a merger with Hennessy.

Plus is pursuing a potential restructuring of certain aspects of its business in the light of the development of the regulatory environment outside the United States, adding that neither company has to pay a termination fee.

“We are optimistic that both parties will be able to seek another business combination in the short term and further advance sustainable transportation,” Hennessy Capital CEO Daniel Hennessy said in a statement. Stated.

Founded in 2016, California-based Plus manufactures an autonomous driving system for heavy-duty trucks called PlusDrive. The system can be mounted on trucks or as a function on trucks in production.

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Self-driving truck startup plus merges with Hennessy Capital Pull on regulatory uncertainty

Source link Self-driving truck startup plus merges with Hennessy Capital Pull on regulatory uncertainty

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