DETROIT: Canoo Holdings Ltd, an electric vehicle startup already working with South Korea's Hyundai Motor, will go public later this year at a ...
DETROIT: Canoo Holdings Ltd, an electric vehicle startup already working with South Korea's Hyundai Motor, will go public later this year at a value of US$2.4 billion after joining forces with a so-called blank-check firm or special purpose acquisition company .
A SPAC is a shell company that raises money through an IPO to buy an operating entity, typically within two years. The former BMW executive cited Hennessy's long track record, which includes taking school bus maker Blue Bird Corp public in 2015.Hennessey CEO Daniel Hennessy said he looked at more than 12 EV startups and preferred Canoo's faster path to commercialization.
Canoo has developed a"skateboard" - a low-rise platform that bundles batteries and electric motors with such chassis components as steering, brakes and wheels - on which a variety of vehicle body types can be built.
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