Fusion Acquisition II today announced that it has signed a non-binding letter of intent for a business combination with Hyperloop Transportation Technologies. The target is focused on realizing the hyperloop, a system that moves people and goods safely, efficiently, and sustainably by bringing airplane speeds to the ground.
The news follows the SPAC’s announcement last week that it signed a non-redemption agreement with a third-party investor who has agreed to hold onto 220,000 shares. In return Fusion II’s sponsor will give the investor 55,500 Class B shares. This comes ahead of a Sept. 1 meeting when shareholders are expected to vote on a proposal to extend the SPAC’s termination deadline from Sept. 2 to March 2, 2024. The meeting was to be held today, although the SPAC said it would convene and adjourn until Friday.
Through the use of patented technology and an advanced collaborative business model, HyperloopTT said it believes it has the potential to impact the $2+ trillion transportation market by addressing issues such as overpopulation, traffic congestion, and pollution.
In May 2023, HyperloopTT, along with its partners, won a bid to build a three-phase, 10 km prototype in northern Italy, which could eventually lead to a commercial hyperloop. Funding for the project was awarded by the Venetian Motorway Concession. Read more.
