NEW YORK and LOS ANGELES, Dec. 21,
2020 /PRNewswire/ -- Canoo Holdings Ltd. ("Canoo"), a
company developing breakthrough electric vehicles ("EV") with a
proprietary and highly versatile EV platform for personal and
business use, and Hennessy Capital Acquisition Corp. IV ("HCAC")
(NASDAQ: HCAC, HCACW), a special purpose acquisition company,
announced today the completion of their business combination (the
"Business Combination"). The Business Combination was approved by
HCAC stockholders at a special meeting held on December 21, 2020. Beginning on December 22, 2020, Canoo's common stock and
warrants will trade on the Nasdaq Global Select Market under the
ticker symbols "GOEV" and "GOEVW," respectively.
Tony Aquila, Executive Chairman of Canoo said, "This next
chapter is a very important one for Canoo as we prepare to complete
advanced testing of our innovative electric mobility platform and
to bring our recently unveiled multi-purpose delivery vehicle to
limited production in 2022, and to commercial production and
rollout in 2023. On behalf of all of us at Canoo, we are committed
and excited about our go-to-market opportunities and to bring both
consumers and businesses the benefits of our platform. We are
extremely passionate about fulfilling our mission to bring EVs to
everyone."
Canoo, which has designed the world's flattest modular electric
platform, is reimagining EV design, maximizing usable interior
space and supporting a wide range of vehicle applications,
including its recently unveiled multi-purpose delivery vehicle.
With a unique platform architecture, defined by a self-contained,
independently drivable rolling chassis that houses all of the most
critical EV components, Canoo will deliver the market's first true
steer-by-wire platform. Paired with a composite leaf spring
suspension, the technology enables the electric platform's flat
structure and maximizes vehicle interior space. The company's
proprietary electric drivetrain and battery systems are
incorporated into the EV platform, which is the basis for all Canoo
vehicles. Different cabins or "top hats" are paired on top of
Canoo's EV platform to create a variety of unique vehicles. Canoo's
highly modular approach will facilitate efficient production at
scale and enable the rapid development of vehicles serving
different markets and consumer segments at reduced cost, driven by
research and development. For example, crash testing is primarily
built into the electric platform, reducing costs and time to
market.
Daniel J. Hennessy, the Chairman
& CEO of HCAC said, "We are excited to see this merger
successfully realized and congratulate Canoo on this milestone. 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. We
look forward to collaborating with Canoo as they bring
game-changing EV solutions to B2C and B2B markets and execute
against their vision."
BofA Securities is serving as exclusive financial advisor, and
Cooley LLP is serving as legal advisor to Canoo. Nomura Securities
International, Inc. and Stifel, Nicolaus & Company,
Incorporated are serving as joint placement agents on the PIPE
offering, and Stifel, Nicolaus & Company, Incorporated is
serving as financial advisor to HCAC. Mayer Brown LLP is acting as
counsel to the joint placement agents on the PIPE offering and as
counsel to the financial advisor to HCAC, and Sidley Austin LLP is
serving as legal advisor to HCAC. ICR, LLC is serving as
communications advisor for Canoo.
About Canoo
Canoo is a Los Angeles-based
company that has developed breakthrough electric vehicles that are
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 – totaling over 350 employees from leading
technology and automotive companies – Canoo has designed a modular
electric 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. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of Canoo'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. 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; 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 ability of the
combined company to issue equity or equity-linked securities, 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, Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2020, June 30, 2020, and September 30, 2020, the registration statement on
Form S-4 (together with all amendments thereto, the "Registration
Statement") initially filed on September 18,
2020, and the definitive 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. 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
Canoo does not presently know or that Canoo currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Canoo's expectations, plans or
forecasts of future events and views as of the date of this press
release. Canoo anticipates that subsequent events and developments
will cause Canoo's assessments to change. However, while Canoo may
elect to update these forward-looking statements at some point in
the future, Canoo specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing 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.
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SOURCE Canoo