Plus plans to merge with Hennessy Capital Investment Corp. V.
PR NEWS WIRE
Plus, a Global Provider of Self-Driving Truck Technology, to Become Publicly Listed Through Business Combination with Hennessy Capital Investment Corp. V
-- Autonomous Trucking Technology Company Plans to Start Mass Production in 2021 -- Proprietary Full-Stack Level 4 ("L4") Software is Behind the Decision-Making Required to Autonomously, Safely and Intelligently Drive the Vehicle -- Post-Combination Represents Market Capitalization of $3.3 Billion for Plus -- Plus to Add Up to Approximately $500 Million in Gross Proceeds to Accelerate Commercialization and Expand Global Operations -- Transaction Supported by $150 Million PIPE, Including Investments From Funds and Accounts Managed by BlackRock and the D. E. Shaw Group, Among Other Institutional Investors
CUPERTINO, Calif. and NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- Plus (formerly Plus.ai) (the "Company"), a global provider of self-driving truck technology, announced it has entered into a definitive business combination agreement with Hennessy Capital Investment Corp. V (NASDAQ: HCIC) ("HCIC V" or "Hennessy Capital"), a publicly traded special purpose acquisition company. 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 capitalization of approximately $3.3 billion for Plus upon closing. Self-Driving Truck Developer Plans to Start Mass Production of an Autonomous Driving System Plus is a global provider of self-driving truck technology that makes trucks safer, more efficient, more comfortable, and better for our environment. Plus's cutting-edge autonomous driving technology solution is comprised of three pillars, including: -- Proprietary full-stack "L4" software behind the decision-making required to autonomously, safely and intelligently drive the vehicle; -- A mass-production ready, low cost, high-performance hardware platform that enables a truck to drive autonomously; and -- A data engine that leverages real-world driving data to continuously upgrade algorithms and ultimately reach L4 autonomy