EV developer Canoo to go public via reverse merger with ‘blank check’ company Hennessy Capital Acquisition

Acquisition of special purpose, as company “blank check”, Hennessy Capital Acquisition Corp. HCAC,
-80%
has jumped on the bandwagon of electric cars as it announced a reverse merger with EV maker Canoo Holdings Ltd. The deal will provide $ 600 million in gross revenue to Canoo, which will be used to support the production and launch of EVs using Canoo’s “skateboard” technology. After the deal closes, the combined company Canoo Inc. will will be listed and the stock exchange will be listed on the Nasdaq exchange under the ticker symbol “CNOO.” Canoo’s skateboarding platform can support a wide range of business-to-customer and business-to-business configurations. The deal comes at a hot time for SPACs, IPOs and EVs, like the Renaissance IPO ETF IPO,
+ 0.76%
has increased 27.9% over the past three months, while EV maker Tesla Inc.’s stock TSLA,
+ 2.47%
is more than doubling (up 133.7%) and the S&P 500 SPX,
+ 0.13%
has 14.7% profit.