Canoo to Go Public After Shareholders Approve Merger

Canoo to Go Public After Shareholders Approve Merger

Los Angeles electric vehicle company Canoo Holdings Ltd. will go public on Tuesday after shareholders approved a deal with Hennessy Capital Acquisition.

Under its agreement with the special purpose acquisition company, the EV startup, with $2.4 billion valuation, will begin trading on the Nasdaq Global Select Market under the ticker symbols "GOEV," Canoo said in a statement.

Shares of the Hennessy were trading up more than 1% Monday after hours, ahead of Canoo's market debut.

"Our commitment to sustainable technologies and infrastructure is resolute, and Canoo is a fitting long-term partner as we usher in a new era for urban mobility with innovative and affordable EVs," said CEO of the SPAC, Daniel J. Hennessy, in a statement announcing the vote on Monday.

Canoo hasn't yet rolled out its commercial vehicle to wait-listed customers, but last week it became a new player in the commercial delivery market by unveiling a delivery van slated to reach the market in 2023.

The company was founded in 2017 by two former BMW executives who closed a deal with Hyundai Motor Group earlier this year to build its futuristic modular minivan that consumers can rent through a subscription service.

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