There’s a new technology company coming soon to the Nasdaq. And they want to build the future of autonomous trucking.
What’s happening:
- Autonomous trucking company Plus Automation has entered into a business combination with SPAC Churchill Capital Corp IX (NASDAQ: CCIX)
By the numbers:
- The SPAC deal values Plus Automation at roughly $1.2B USD
- Plus Automation is expected to raise approximately $300M USD upon successful completion of the SPAC transaction
Why it matters:
- Plus Automation has deployed autonomous driving technology across Asia, Europe and the United States of America and has landed multiple notable partnerships with large automakers including Hyundai
Going deeper:
- Plus Automation’s artificial intelligence powered software platform known as SuperDrive has already been used for more than five million miles of autonomous driving globally
- Nvidia (NASDAQ: NVDA) is also closely collaborating with Plus Automation to integrate their foundational models and DRIVE AGX hardware into Plus Automation’s SuperDrive software platform
The intrigue:
- Plus Automation is not the first autonomous trucking startup to pursue going public through a SPAC recently, with Kodiak Robotics previously entering into a business combination agreement with Ares Acquisition Corp II (NYSE: AACT)
