Tuesday, August 18, 2020

Canoo Hits Public Markets Via Reverse Merger

Los Angeles-based electric vehicle manufacturer Canoo is going public via a reverse merger, in a move that it says will provide it with approximately $600M to help support production and launch of its electric vehicles. According to Canoo, it has entered into an agreement with special purpose acquisition company (SPAC) Hennessy Capital Acquisition Corp. IV--which trades on the NASDAQ as HCAC--for the business combination. On closing of the transaction, Canoo said the newly combined company will be named Canoo Inc. and will be listed on the Nasdaq Stock Market under the ticker symbol CNOO. Canoo says it plans to launch its first vehicle in 2022.