Hennessey Capital’s closed at $11.13 on Thursday, up about 10% from its April IPO price of $10 per share. At the time the merger was announced, Canoo was tabbed to receive about $600 million from a private investment in public equity (PIPE) offering worth $300 million and another $300 million from the cash Hennessey put in trust following its own IPO. The automaker plans to release three vehicles with the first, a Lifestyle van, arriving in 2022, a delivery van scheduled for first shipments in 2023 and a Sport vehicle due in 2025. (NASDAQ: HCAC) has announced a reverse merger with electric vehicle maker Canoo Holdings. Three involve electric vehicle (EV) makers, two are energy storage companies and one is a maker of lidar equipment. Here are six more SPAC-reverse merger deals that are lined up to be completed by the end of the year. ![]() Following the IPO, Tortoise will change its name to Hyliion and trade on the New York Stock Exchange (NYSE) under the ticker symbol HYLN. The shares traded down nearly 10% Thursday at $45.10 after dropping 7% on Wednesday. The SPAC, which came public at $10 in April, has traded as high as $58.66 in anticipation of the tie-up with Hyliion. ( NASDAQ: TSLA), and it also may be a victim of front-running. ![]() Hyliion makes electric drive trains for heavy trucks and is considered a competitor to both Nikola and Tesla Inc. Hyliion is coming public in a reverse merger with Tortoise Acquisition Corp. On Thursday, another reverse merger was expected to take place, but a last-minute dispute over how the company’s board is organized delayed the IPO. It is equally likely, however, that the run-up in the pre-IPO share price (Graf’s IPO priced at $10 a share) reflects some front-running and profit-taking at Velodyne’s IPO. ( NASDAQ: NKLA) has been under terrific pressure following a scathing short seller report released a few weeks ago. Electric/fuel-cell truck maker Nikola Corp. It is likely that the current issues surrounding another green tech auto company that came public through a SPAC is partly responsible for Velodyne’s first-day tumble. It sets up the deal and executes the IPO, and, finally, changes its name (hence the “reverse”) to the name of the company that it acquired a few months earlier. Then the SPAC finds a startup that it can acquire and take public. The timeline is roughly this: the SPAC raises money with an IPO for the sole purpose of acquiring another company. In the green technology space, direct listings and traditional IPOs seem to have taken a back seat to reverse mergers with SPACs. The stock opened at around $25 and sank nearly 25% to close its first trading day at $18.69. ![]() (NASDAQ: VLDR), a tech firm that makes lidar (light detection and ranging, sometimes called laser) sensors for autonomous vehicles and drones, came public courtesy of Graf Industrial, a special purchase acquisition company (SPAC, or blank-check company) formed in April. Both were direct listings.Īlso on Wednesday, Velodyne Lidar Inc. (NYSE: ASAN) posted solid first-day jumps, up 34% and 37%, respectively. Two initial public offerings (IPOs) out Wednesday got a lot of attention, while a third did not.
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