Reports surfaced today that self-driving startup Pony.ai is to suspend plans to go public in the US at a valuation of $12 billion, acting through a SPAC, Reuters writes. The company affirmed that it still intends to list publicly in the US sometime in the future. Pony.ai responded to Sina Technology that it has not yet confirmed the listing plan or schedule, and has no comment on the recent developments.
Pony.ai has negotiated exclusively with VectoIQ Acquisition II with the purpose of going public through a merger before October. In June, Pony.ai hired Lawrence Steyn, former vice chairman of investment banking at JPMorgan, as the chief financial officer for the listing. Read more.