Driverless Truck Startup Plus to List in $3.3 Billion Deal

Driverless Truck Startup Plus to List in $3.3 Billion Deal

(Bloomberg) -- Self-driving truck startup Plus agreed to merge with special purpose acquisition company Hennessy Capital Investment Corp. V, becoming the latest developer of autonomous vehicles to seek a public listing via a blank-check firm.

The combined company is set to have a market value of about $3.3 billion, Plus said in a statement Monday, confirming an earlier Bloomberg News report. It is raising $150 million from investors including BlackRock Inc. and D.E. Shaw & Co. through a so-called private investment in public equity, or PIPE deal.

Plus’s existing shareholders will roll over all their holdings and are expected to own a combined 80% stake when the deal closes. The combined company will trade on the New York Stock Exchange under the ticker PLAV. Shares of the Hennessy SPAC slipped as much as 0.9% shortly after the open of regular trading.