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Due To Regulatory Uncertainty, Plus & Hennessy Capital Call Off The Merger

TNI || New Delhi || 11th Nov 2021

Plus, a self-driving truck startup and Hennessy Capital Investment Corp, a blank check company, have decided not to go ahead with the merger.

The move comes from citing regulatory environment developments outside the United States of America. It was not long ago that Plus had said that it will go ahead with a merger with Hennessy, valuing the startup at 3.3 billion dollars.

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Plus, significantly, is going through a potential restructuring of certain aspects in light of the regulatory environment outside the U.S.

The company has said that neither of the two groups will have to pay any termination fee. As per Hennessy’s Chief Executive Daniel Hennessy, they remain optimistic that both the parties may once again explore business opportunities in the near future that will again expand the horizon for sustainable transportation.

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Plus, which was founded in 2016, offers an automated driving system for heavy trucks known as PlusDrive, which can be installed on existing trucks or can also be attached to the new trucks that are under production.