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Mkt Cap

$354.4M

Volume

70.36K

Mkt Cap

$354.4M

Volume

70.36K

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Hennessy Capital Investment Corp. V Announces Cancellation of Special Meeting of Stockholders and LiquidationWILSON, Wyo., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Hennessy Capital Investment Corp. V (the “Company”) (Nasdaq: HCIC), announced today that it has canceled its special meeting of stockholders that was previously scheduled for 3:00 PM Eastern time on December 21, 2022, and that, due to its inability to complete an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, the Company intends to dissolve and liquidate, effective as of the close of business on December 21, 2022, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $10.06 (after taking into account the removal of a portion of the accrued interest in the trust account to pay taxes and $100,000 for dissolution expenses).GlobeNewswire Inc. · Dec 16, 2022

How The Net Asset Value Is Still In Place For SPACs With Terminated DealsAlong with the hundreds of announced SPAC mergers and closed deals in 2021 came a handful of SPAC deals that were terminated. Here’s a look at what it means for the SPACs that called off mergers. What Happened: SPACs can terminate deals for numerous reasons including a change in valuation sentiment, missing deadlines or news items coming from the acquisition target. When SPACs call off deals, they lose the time and money spent to research and attempt to close a deal. The termination also sends the team back to the drawing board to try and find a new acquisition target. SPACs have a deadline date to meet, which is typically 24 months from its IPO date. With deals called off, many companies find themselves with a smaller window to complete an acquisition. The timing has to include researching the company, the deal announcement, a proper review by the SEC and the voting date for shareholders. All of these items have to get completed by the deadline. Companies can vote to extend the deadline and in doing so they open ...Benzinga · Jan 12, 2022

EXCLUSIVE: Hennessy Capital Investment Merger Partner, Plus To Deliver Initial Self-Driving Technology Units To Heavy Duty Truck Manufacturer FAWPlus (formerly Plus.ai), a global provider of self-driving truck technology, today announced the delivery of the initial production batch of PlusDrive autonomous driving units the world's largest heavy-duty truck manufacturer FAW. Plus recently disclosed its proposed business partnership with Hennessy Capital Investment Corp. (NASDAQ: HCIC). What happened: The delivery is part of an agreement with FAW in which Plus sells PlusDrive units to FAW, which will handle the installation of the autonomous driving technology on their factory production line. The technology ...Benzinga · Sep 29, 2021

What You Need to Know About This Self-Driving Truck Start-up's IPOPlus could become a massive player in the self-driving space.The Motley Fool · Sep 1, 2021

Plus Announces Driverless Semi Demonstration: What Investors Should KnowAn autonomous trucking company going public via SPAC shared details of a successful driverless highway test. What Happened: Plus, which is going public via the SPAC Hennessy Capital Investment Corp V (NASDAQ: HCIC), has completed a driverless Level 4 truck demonstration on a highway. The test was conducted using Plus’s Level 4 autonomous driving technology, without a safety driver and featured no human intervention. The test was conducted on the ...Benzinga · Aug 5, 2021

Autonomous Trucking Company Embark Trucks Lands SPAC Deal: What Investors Should KnowAnother company seeking to disrupt the $700-billion trucking freight market is going public, with autonomous vehicle company Embark Trucks announcing a SPAC deal Wednesday morning. The SPAC Deal: Embark Trucks is going public via a SPAC deal with Northern Genesis Acquisition Corp II (NYSE: NGAB) that values the company at a pro forma enterprise value of $4.55 billion. A fully funded PIPE includes investments from Sequoia Capital, Canada Pension Plan and Knight-Swift Transportation Holdings (NYSE: KNX). Elaine Chao, former secretary of transportation and secretary of labor, is joining Embark's board. Current public NGAB shareholders will own 8% of the company after the merger. About Embark: Focused exclusively on the U.S. trucking market, Embark is America’s longest running self-driving truck program, according to ...Benzinga · Jun 23, 2021

Plus Scores SPAC Deal As Wall Street Sizes Up TuSimple ProspectsSelf-driving truck software developer Plus signed a definitive agreement Monday to merge with special purpose acquisition company (SPAC) Hennessey Capital V in a deal expected to bring $500 million in cash and a $3.3 billion valuation to Plus in Q3. Hennessey is a veteran creator of shell companies funded by "blank check" investors seeking to profit from merging with a startup or early-stage company. Hennessey sponsored the public debuts of flatbed logistics company Daseke Inc. (NASDAQ: DSKE) in 2017 and more recently backed startup electric vehicle maker Canoo Inc. (NASDAQ: GOEV) among four previous SPAC sponsorships. "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 road map to start the broad commercialization of its intelligent transportation solutions today," Daniel J. Hennessy, chairman and CEO of HCIC V (NASDAQ: HCIC), said in a press release. Cooling SPAC Market HCIC V raised $345 million during an initial public offering in January. An additional $150 million was raised from funds participating in a private investment in public equity (PIPE). It is a smaller PIPE than many raised in other SPAC deals as the number of reverse mergers is cooling after a 15-month period in which more than 560 SPACs were started. BlackRock and The D. E. Shaw Group are among institutional investors in the PIPE. Get Truck Talk. New every Friday. Subscribe here. The Securities and Exchange Commission (SEC) in April issued new guidance on SPACs that included reclassifying stock warrants issued to early investors as liabilities instead of equities. And it raised questions about whether forward projections of revenue and profits should be protected from liability should the projections fail to be realized. Plus co-founder and ...Full story available on Benzinga.comBenzinga · May 10, 2021

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