Self-driving truck startup Plus and blank-check company Hennessy Capital Investment Corp V have called off their merger, the companies said on Monday, citing developments in the regulatory environment outside the United States.
In May, Plus said it would go public through a merger with Hennessy, in a deal that valued the startup at $3.3 billion.
Plus is pursuing a potential restructuring of certain aspects of its business in light of developments in the regulatory environment outside of the United States, the companies said, adding neither will be required to pay a termination fee.
“We remain optimistic that the parties can once again explore a business combination in the near term that will further advance sustainable transportation,” Hennessy Capital Chief Executive Daniel Hennessy said in a statement.
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.
Source: Reuters.com