Plus to go public via a merger with Hennessy Capital Investment V in a $3.3bn deal.

Plus, a self-driving truck technology company, is set to go public via a merger with Hennessy Capital Investment V, a SPAC, in a $3.3bn deal. The business combination is expected to deliver up to c. $500m in gross proceeds at closing from PIPE of $150m, led by BlackRock and the D. E. Shaw, among other institutional investors, and $345m of cash held in HCIC V’s trust account. At closing, Plus shareholders will hold 80% of the combined company. “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," David Liu, Plus CEO and Co-Founder.