EV startup Canoo is going public at a valuation of $2.4 billion in an effort to raise enough money to help bring its first vehicle, a VW microbus-style van that was first revealed last year, to market.
The company announced Tuesday that it was merging with Hennessy Capital Acquisition Corp IV, a so-called “blank check” special purpose acquisition company. As a result, Canoo will become a publicly traded company listed on NASDAQ under the new ticker “CNOO.”
It’s the same type of “reverse merger” move that hydrogen trucking company Nikola pulled off earlier this year to go public and that EV startup Fisker is currently trying to execute. Canoo is also the latest company to cash in on a sudden funding frenzy in the electric…tech, The Verge