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Electric Vehicle Company Canoo To List On Nasdaq Through Merger With Hennessy Capital Acquisition Corp IV

– Transaction to provide approximately $600 million of gross proceeds that will support the production and launch of electric vehicles (EV) featuring Canoo’s advanced skateboard technology

– Canoo’s proprietary, all-electric skateboard platform has been purposefully designed and engineered to support a wide range of business-to-consumer (B2C) and business-to-business (B2B) vehicle configurations

– First vehicle set to launch in 2022 is purpose-built for a subscription revenue model and leverages Canoo’s flat skateboard architecture to deliver the highest usable interior space in its class

– B2B delivery vehicle program expected in 2023 addresses a projected $50B+ last-mile delivery market with an EV platform that maximizes cargo volume

– Transaction is supported by a fully committed common stock PIPE of over $300 million, including investments from funds and accounts managed by BlackRock, among other institutional investors

– As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized

– Pro forma equity value of the merger is approximately $2.4 billion

 

Source: Prnewswire