Hennessy Capital Acquisition Corp IV Announces Stockholder Approval of Extension of Deadline to Complete Business Combination...
August 27 2020 - 12:05PM
Hennessy Capital Acquisition Corp. IV (“HCAC”) (NASDAQ: HCAC)
announced today that its stockholders approved an extension of the
date by which it has to complete a business combination from
September 5, 2020 to December 31, 2020. HCAC requested the
extension in order to complete the previously announced proposed
business combination (the “Canoo Transaction”) with Canoo Holdings
Ltd. (“Canoo”), a company developing breakthrough electric
vehicles.
The Canoo Transaction is expected to be
completed in the fourth quarter of 2020, subject to, among other
things, the approval by HCAC stockholders and the satisfaction or
waiver of other customary closing conditions set forth in the
definitive agreement for the Canoo Transaction.
About HCAC
Hennessy Capital Acquisition Corp. IV is a
special purpose acquisition company (or SPAC) which raised $300
million in its IPO in March 2019 and is listed on the Nasdaq Stock
Market (NASDAQ: HCAC, HCACU, HCACW). HCAC was founded by Daniel J.
Hennessy to pursue an initial business combination, with a specific
focus on businesses in the industrial, technology and
infrastructure sectors. For more information, please visit
www.hennessycapllc.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, 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 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
Canoo Transaction, 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 Canoo Transaction or that
the approval of the stockholders of HCAC or Canoo is not obtained;
failure to realize the anticipated benefits of the Canoo
Transaction; 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 Canoo Transaction 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, 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 Canoo Transaction, HCAC
will file a registration statement on Form S-4, including a proxy
statement, with the SEC. Additionally, HCAC will file other
relevant materials with the SEC in connection with the Canoo
Transaction. 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 / proxy statement and the other relevant
materials when they become available before making any voting
decision with respect to the Canoo Transaction because they will
contain important information about the Canoo Transaction and the
parties to the Canoo Transaction. 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 Canoo Transaction. 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 / proxy statement and other relevant
materials filed with the SEC in connection with the Canoo
Transaction 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 proxy statement relating to the
Canoo Transaction when it becomes available.
Contacts
Cody Slachcody@gatewayir.com
Canoo (NASDAQ:GOEVW)
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