(RTTNews) – Canoo Holdings Ltd., a new Los Angeles-based electric vehicle company, agreed to merge with Hennessy Capital Acquisition Corp.IV (HCAC), a special target acquisition company, both announced Tuesday.
The merger will allow Canoo to become a publicly traded company priced at $2.4 billion. At the close of the transaction, the combined operating company will be named Canoo Inc. and will continue to be indexed on the Nasdaq stock market under the inventory symbol “CNOO”.
The business mix is Canoo with an implied pro forma equity of $2.4 billion, at a value of $10.00 consistent with consistent percentage and assuming that no repurchases are made from the existing HCAC public consistent with percentage holders.
The merged company will get approximately $600 million in revenue from a fully committed non-unusual percentage that PIPE will offer more than $300 million, as well as approximately $300 million to accept as true with money assuming there is no buyback from HCAC’s existing public shareholders.
Canoo has designed a modular skateboarding platform, which allows the company to maximize the usable indoor area and a wide variety of vehicle applications. The company’s skate architecture directly houses all the maximum critical parts of an electric vehicle.
Canoo has also developed exclusive electric transmission and battery systems that are incorporated into the skateboard.
According to the company, all of its electric cars percentage the same skateboard and use other or “more sensitive” cabs that can be paired in the most sensitive ones to create exclusive cars.
Canoo co-founder and CEO Ulrich Kranz is an automotive veteran with over 30 years of executive experience at BMW.
Canoo has also designed a B2B advertising delivery vehicle that is expected to be available in 2023.