Money Makers Mentor

SPAC Hennessy Capital Reaches IPO Agreement with EV Startup Canoo

Electric vehicle startup Canoo is not only capitalizing on growing demand, but also several more revenue streams from their products. Data shows a steady stream of investment in similar products, and Canoo has to promise profit to remain relevant. After reviewing 190 potential targets, SPAC Hennessy Capital announced its merger with Canoo last week, and plans to complete the move in Q4 of this year.

The Merger

Canoo will receive over $600 million at closing. This includes $309 million from the HCAC IV trust and another $323 million from a common equity PIPE.

Riding on the momentum from its successful beta launch, it’s expected to fully fund its EV production and development of its commercial delivery vehicle.

The initial PIPE was oversubscribed by over $100 million, which is …

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