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

On Monday, Plus said that it would go public via a merger with blank-check company Hennessy Capital Investment Corporation. V in a new deal that values the self-driving truck technology startup at $3.3 billion. 

The combined company will get proceeds of $500 million from the transaction which also involves a private investment of $150 million. The investors who took part in the deal are BlackRock and D.E. Shaw Group, among others. 

In February 2021, the company raised $200 million in the last funding series which was led by brokerage Guotai Human International and private equity firm CPE which is according to the data from media platform Pitchbook. 

The company was founded in 2016. It is a California-based Plus manufactures an automated driving system for heavy and large trucks, termed as PlusDrives. It can be installed on trucks or attached as a feature to trucks in production. 

The investment wrapped around 3 45 million dollars when it went public in January this year. A SPAC is a company with no regular business operations but with a bunch of capital raised through an initial public offering. And it used the proceedings to take a private firm public. 

The sources suggest that the self-driving technical form will list on the New York stock exchange under the symbol of PLAV after the deal closed in the third quarter this year. 

Goldman Sachs was the financial advisor for Plus to have a seamless IPO. Whereas it was a financial advisor to Plus and Barclays Capital advised the SPAC on its deal.

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