Autonomous truck startup Plus to go public through $3.3b SPAC merger

Plus, a US autonomous truck startup backed by Sequoia Capital China, plans to go public by merging with special purpose acquisition company (SPAC) Hennessy Capital Investment Corp V in a deal that values it at about $3.3 billion. Plus will receive another $345 million in cash that was raised when the SPAC conducted its initial public offering (IPO) in January. We are on track to start mass production of autonomous trucks this year,” said David Liu, CEO and co-founder of Plus, in the statement. Before SPAC listing, Plus nets $440m in two monthsSilicon Valley-based Plus chose a SPAC listing after swiftly pocketing a combined $440 million over two funding rounds. In China, the firm has a joint venture with state-owned automaker FAW Group to develop and build autonomous trucks.