Self-driving startup Plus to go public through $1.2 billion SPAC deal

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Self-driving truck startup Plus Automation will go public in the U.S. through a merger with blank-check firm Churchill Capital Corp IX in a $1.2 billion deal, the companies said on Thursday.

The transaction will provide the company with $300 million in gross proceeds, which it plans to use to achieve the commercial launch of its autonomous trucks in 2027.

The combined company will operate as PlusAI, after the transaction closes.

Citigroup advised Churchill IX on the deal, while Northland Capital Markets served as the financial adviser to Plus.



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Self-driving startup Plus to go public through $1.2 billion SPAC deal


Self-driving truck startup Plus Automation will go public in the U.S. through a merger with blank-check firm Churchill Capital Corp IX in a $1.2 billion deal, the companies said on Thursday.

The transaction will provide the company with $300 million in gross proceeds, which it plans to use to achieve the commercial launch of its autonomous trucks in 2027.

The combined company will operate as PlusAI, after the transaction closes.

Citigroup advised Churchill IX on the deal, while Northland Capital Markets served as the financial adviser to Plus.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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