Kirkland & Ellis advised Plus, a global provider of self-driving truck technology, on its combination with Hennessy Capital Investment Corp. V (NASDAQ: HCIC), a publicly traded special purpose acquisition company, to create an independent public company. The combined company is expected to have a post-combination market capitalization of approximately $3.3 billion and will trade on the New York Stock Exchange under the ticker symbol “PLAV”. The business combination includes approximately $500 million in gross proceeds, including approximately $345 million of cash held in HCIC V’s trust account from its initial public offering in January 2021, and a fully committed common stock PIPE at $10.00 per share of $150 million.
Read the Plus press release
The Kirkland team was led by transactional partner David Zhang and capital markets partner Ben James.