Self-driving truck startup Plus, Hennessy Capital pull merger on regulatory uncertainty

Daseke

08/11/2021 23:39

Nov 8 (Reuters) - Self-driving truck startup Plus and
blank-check company Hennessy Capital Investment Corp V  HCIC.O 
have called off their merger, the companies said on Monday,
citing developments in the regulatory environment outside the
United States.
    In May, Plus said it would go public through a merger with
Hennessy, in a deal that valued the startup at $3.3 billion.
 urn:newsml:reuters.com:*:nL4N2MX2IO
    Plus is pursuing a potential restructuring of certain
aspects of its business in light of developments in the
regulatory environment outside of the United State, the
companies said, adding neither will be required to pay a
termination fee.
    "We remain optimistic that the parties can once again
explore a business combination in the near term that will
further advance sustainable transportation," Hennessy Capital
Chief Executive Daniel Hennessy said in a statement.
    Founded in 2016, California-based Plus manufactures an
automated driving system for heavy trucks, called PlusDrive,
that can be installed on trucks or attached as a feature to
trucks in production, according to its website.
    

 (Reporting by Sanjana Shivdas in Bengaluru; Editing by Sriraj
Kalluvila)
 ((SanjanaSitara.Shivdas@thomsonreuters.com; within U.S. +1 646
223 8780, outside U.S. +91 80 6749 1642; Twitter:
@SanjanaShivdas;))