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Hennessy Capital Investment Corp. V (Nasdaq: HCIC) has canceled its special meeting scheduled for December 21, 2022, and intends to dissolve and liquidate due to the failure to complete a business combination. All outstanding Class A common stock shares will be redeemed at approximately $10.06 per share. The company’s management cited adverse market conditions as factors affecting its ability to finalize a deal. The company will also seek to delist from Nasdaq and terminate its registration under the Securities Exchange Act of 1934.
Hennessy Capital Investment Corp. V (NASDAQ: HCIC) has mutually agreed with Plus (formerly Plus.ai) to terminate their Merger Agreement, effective immediately, due to regulatory changes outside the U.S. Plus plans to restructure its business, which may lead to future discussions for a new business combination with HCIC V. Both parties will not incur any termination fees. HCIC V, which raised $345 million in its January 2021 IPO, aims to focus on sustainable technologies, while Plus continues to advance its autonomous truck technology.
Plus, a global provider of self-driving truck technology, is expanding into Europe. The company has appointed Bosch veteran Sun-Mi Choi as Senior Director of Business Development to spearhead this growth. Choi will enhance partnerships with truck manufacturers and suppliers in Europe. Plus has already initiated global customer deployment of its autonomous trucking technology in 2023. Choi's extensive experience in automotive and strategic partnerships will be pivotal in advancing Plus’s market presence.
Plus, a leader in self-driving truck technology, announced its election to the Board of Directors of PAVE, an industry coalition aimed at educating policymakers and the public about automated vehicles. Wiley Deck, Plus's VP of Government Affairs, will represent the company. PlusDrive, their commercial autonomous driving solution, commenced customer deliveries earlier this year. Plus's collaboration with PAVE is expected to support favorable policies for automated trucks, enhancing safety and efficiency in the long-haul trucking sector.
Plus, a leader in autonomous truck technology, has announced the successful delivery of its PlusDrive autonomous driving units to FAW, marking a significant step in the commercialization of autonomous trucks in China. This initiative follows substantial pre-orders from major fleets, including Rokin and Duckbill, reflecting strong demand for autonomous solutions in the trucking sector. Plus aims to continue its growth strategy, enhancing safety and efficiency in long-haul trucking while committing to long-term shareholder value.
Plus, a leader in self-driving truck technology, has announced a collaboration with Teledyne FLIR to integrate thermal cameras into its autonomous vehicles' sensor stack. This addition aims to enhance safety, particularly in low-visibility conditions. Thermal cameras can detect pedestrians up to 250 meters away, significantly improving the vehicle's perception capabilities. Plus is currently in the process of a business combination with Hennessy Capital Investment Corp. V (HCIC), expected to make Plus publicly traded under the ticker PLAV upon completion.
Plus, a global self-driving truck technology company, successfully demonstrated a driverless Level 4 truck on a highway in China's Yangtze Delta. This milestone, achieved using Plus's autonomous technology without human intervention, highlights the company's capability in autonomous trucking. Plus aims to launch pilot operations for fully driverless trucks in 2022 and plans to mass-produce its PlusDrive technology in the third quarter of 2021. The business combination with Hennessy Capital Investment Corp. V (HCIC) is set to close in Q3 2021, making Plus a publicly traded entity.
Plus has submitted a confidential draft registration statement with the SEC regarding its business combination with Hennessy Capital Investment Corp. V (NASDAQ: HCIC). The deal will result in Plus becoming a publicly traded entity under the ticker symbols PLAV and PLAV.W on the NYSE. The merger is expected to close in Q3 2021, pending regulatory approvals and shareholder consent. Plus specializes in autonomous driving technology for long-haul trucking, promising significant efficiency improvements, including a 10% reduction in fuel consumption.
Plus, a leader in self-driving truck technology, has announced its merger with Hennessy Capital Investment Corp. V (HCIC V), aiming for a post-combination market capitalization of $3.3 billion. The agreement is set to provide up to $500 million in gross proceeds to enhance commercialization efforts. Starting mass production in 2021 with FAW, PlusDrive is expected to boost fleet profits by 30% to 70% and cut operational costs by 38%. The partnership promises sustainable transportation solutions while advancing the development of autonomous freight systems.
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