Hennessy Capital Investment V and Plus mutually agreed to terminate their merger.
The companies cited recent developments in the regulatory environment outside of the United States as the reason for abandoning the deal.
Plus is pursuing a potential restructuring of certain aspects of its business, after which the SPAC and Plus may enter into discussions for a new deal. Plus designs self-driving truck technology.
Hennessy V in a September 8-K filing disclosed that it was revising deal terms.
Plus counts Chinese state-owned automakers Shanghai Automotive Industry and First Automobile Works Group, one of China’s largest truck manufacturers, among its early investors.
As announced in May, the business combination would have delivered up to $500 million in gross proceeds at closing, including $345 million of cash held in the SPAC’s trust account from its January IPO. The merger was further supported by a fully committed $150 million PIPE. Read more.
