LOS ANGELES, Oct. 20, 2020 /PRNewswire/ -- Canoo Holdings
Ltd. ("Canoo"), a company developing breakthrough electric
vehicles (EV) with a proprietary and highly versatile skateboard
platform, announced today the appointment of Tony Aquila as
Executive Chairman as it prepares for the closing of the announced
merger with Hennessy Capital Acquisition Corp. IV ("HCAC") (Nasdaq:
HCAC), a special purpose acquisition company (SPAC).
Mr. Aquila is the Founder, and former Chairman and CEO of Solera
Holdings, Inc., a global technology company that develops
next-generation solutions which manage and protect both businesses
and consumers within the automotive, mobility, financial and
cybersecurity industries in over 90 countries. Solera completed an
initial public offering in 2007 at $16 per share and was sold in 2016 for
approximately $56 per share. Mr.
Aquila is also a serial entrepreneur and philanthropist, and the
recipient of the prestigious National EY Entrepreneur of The Year™
2013 Technology Award.
Tony Aquila, Executive Chairman, said, "I am pleased to join the
Canoo team as Executive Chairman at this pivotal point in the
company's development. By leveraging my public markets experience,
access to a global network of board members and executives and a
track record of building world class teams, collectively I believe
we can capitalize on the large addressable market Canoo is
well-positioned to serve. I couldn't be more excited about the
future of the Company and am fully aligned with our shareholders as
one of Canoo's largest investors."
Aquila added, "I see a rapidly developing opportunity for the
company's core skateboard technology based on the many applications
it can serve. In the business-to-business market, it is becoming
more apparent that our delivery vehicle can address a broad segment
of the market. There is clear productivity, financial and ESG
benefits for commercial vehicle users to turn their internal
combustion engine fleets into EV. My goal is to leverage my
experience in commercializing and selling technology so we can
accelerate our B2B go-to-market strategy to capitalize on these
opportunities."
Ulrich Kranz, Chief Executive
Officer of Canoo, said, "As we prepare to become a public company,
it is critical that we concurrently build out our leadership team
to prepare for commercialization. Tony brings a wealth of public
markets experience, deep automotive, aftermarket and OEM knowledge,
and a history of leading technology companies to commercialization
while driving long-term value for shareholders. We believe his
leadership and guidance combined with our existing world-class
engineering capabilities will help us execute against the
commercial opportunities in the market."
Daniel J. Hennessy, the Chairman
& CEO of Hennessy Capital LLC, said, "Tony is a highly
successful entrepreneur who has created billions of dollars of
shareholder value leading a public company. We are pleased to have
him join Canoo as Executive Chairman as we build out the team and
board to execute the significant market opportunity in EV. We have
always felt strongly about the opportunity for Canoo's skateboard
technology, including applications in the commercial vehicle
delivery market. We look forward to completing the transaction in
the fourth quarter of 2020."
About Canoo
Canoo is a Los Angeles-based
company that has developed breakthrough electric vehicles,
reinventing the automotive landscape with bold innovations in
design, pioneering technologies, and a unique business model that
defies traditional ownership to put customers first. Distinguished
by its experienced team – numbering nearly 300 employees from
leading technology and automotive companies – Canoo has designed a
modular skateboard platform purpose-built to deliver maximum
vehicle interior space and adaptable to support a wide range of
vehicle applications for consumers and businesses.
For more information, please visit www.canoo.com.
For Canoo press materials, including photos, please visit
press.canoo.com.
For investors, please visit investors.canoo.com.
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of financial and
performance metrics, projections of market opportunity and market
share, expectations and timing related to commercial product
launches, ability to accelerate Canoo's go-to-market strategy and
capitalize on commercial opportunities, potential benefits of the
transaction and the potential success of Canoo's go-to-market
strategy, and expectations related to the terms and timing of
completing the transaction. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of Canoo's and HCAC's management and
are not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of Canoo and HCAC. These forward-looking statements are
subject to a number of risks and uncertainties, including changes
in domestic and foreign business, market, financial, political and
legal conditions; the inability of the parties to successfully or
timely consummate the proposed business combination, including the
risk that any required regulatory approvals are not obtained, are
delayed or are subject to unanticipated conditions that could
adversely affect the combined company or the expected benefits of
the proposed business combination or that the approval of the
stockholders of HCAC or Canoo is not obtained; failure to realize
the anticipated benefits of the proposed business combination;
risks relating to the uncertainty of the projected financial
information with respect to Canoo; risks related to the rollout of
Canoo's business and the timing of expected business milestones and
commercial launch; risks related to future market adoption of
Canoo's offerings; risks related to Canoo's go-to-market strategy
and subscription business model; the effects of competition on
Canoo's future business; the amount of redemption requests made by
HCAC's public stockholders; the ability of HCAC or the combined
company to issue equity or equity-linked securities in connection
with the proposed business combination or in the future, and those
factors discussed in HCAC's final prospectus filed on March 4, 2019, Annual Report on Form 10-K for the
fiscal year ended December 31, 2019
and Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2020 and June 30, 2020, the registration statement on Form
S-4 (together with all amendments thereto, the "Registration
Statement") filed on September 18,
2020, and the preliminary proxy statement / prospectus
contained therein, in each case, under the heading "Risk Factors,"
and other documents of HCAC filed, or to be filed, with the
Securities and Exchange Commission ("SEC"). If any of these risks
materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither HCAC nor Canoo presently know or that HCAC and Canoo
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect HCAC's
and Canoo's expectations, plans or forecasts of future events and
views as of the date of this press release. HCAC and Canoo
anticipate that subsequent events and developments will cause
HCAC's and Canoo's assessments to change. However, while HCAC and
Canoo may elect to update these forward-looking statements at some
point in the future, HCAC and Canoo specifically disclaim any
obligation to do so. These forward-looking statements should not be
relied upon as representing HCAC's and Canoo's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Important Information for Investors and Shareholders
In connection with the proposed business combination, HCAC filed
the Registration Statement on September 18,
2020 with the SEC. Additionally, HCAC will file other
relevant materials with the SEC in connection with the business
combination. Copies may be obtained free of charge at the SEC's web
site at www.sec.gov. Security holders of HCAC are urged to read the
Registration Statement and the other relevant materials when they
become available before making any voting decision with respect to
the proposed business combination because they will contain
important information about the business combination and the
parties to the business combination. The information contained on,
or that may be accessed through, the websites referenced in this
press release is not incorporated by reference into, and is not a
part of, this press release.
Participants in the Solicitation
HCAC and its directors and officers may be deemed participants
in the solicitation of proxies of HCAC's stockholders in connection
with the proposed business combination. Security holders may obtain
more detailed information regarding the names, affiliations and
interests of certain of HCAC's executive officers and directors in
the solicitation by reading HCAC's Annual Report on Form 10-K for
the fiscal year ended December 31,
2019, and the Registration Statement and other relevant
materials filed with the SEC in connection with the business
combination when they become available. Information concerning the
interests of HCAC's participants in the solicitation, which may, in
some cases, be different than those of their stockholders
generally, will be set forth in the Registration Statement relating
to the business combination.
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SOURCE Canoo