Electric-Van Start-Up Canoo to Go Public at $2.4 Billion Valuation Via Merger
Electric-vehicle start-up Canoo Holdings is going public: The company said on Tuesday that it will merge with a publicly traded special-purpose acquisition company (SPAC) in a deal similar to the one that took electric-semi start-up Nikola (NASDAQ: NKLA) public in June.
The combined company will be called Canoo, Inc., once the merger with SPAC Hennessy Capital Acquisition IV (NASDAQ: HCAC.U) closes in the fourth quarter of 2020. The post-merger company will trade on the Nasdaq exchange under the ticker symbol "CNOO," the companies said in a statement.
The deal, which values Canoo at $2.4 billion, will raise about $600 million in cash.
Source Fool.com
