Self-driving truck startup Plus to go public through $3.3 billion SPAC deal

By Reuters

<p><body> <p>(Reuters) -Plus said on Monday it would go public through a merger with blank-check company Hennessy Capital Investment Corp. V in a deal that values the self-driving truck technology startup at $3.3 billion.</p> <p>The combined company will get proceeds of $500 million from the deal, including a private investment of $150 million. Investors in the deal include BlackRock and D.E. Shaw group, among others. </p> <p>In February, Plus raised $200 million in a funding round, co-led by brokerage Guotai Junan International and private equity firm <span class="caps">CPE</span>, according to data from Pitchbook.</p> <p>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.</p> <p>Hennessy Capital Investment raised $345 million when it went public in January this year.</p> <p>A <span class="caps">SPAC</span> is a company with no regular business operations but with a pool of capital raised through an <span class="caps">IPO</span> that it uses to take a private firm public.</p> <p>Plus will list on the New York Stock Exchange under the symbol “<span class="caps">PLAV</span>” after the deal closes in the third quarter this year.</p> <p>Goldman Sachs was the financial adviser to Plus and Barclays Capital advised the <span class="caps">SPAC</span> on the deal.</p> <p> (Reporting by Niket Nishant and Sohini Podder in Bengaluru; Editing by Shinjini Ganguli)</p> </body></p>