Electric vehicle maker Canoo to merge with Hennessy Capital Acquisition Corp(HCAC). The Los Angeles-based car maker plans to raise $600 million in the SPAC offering, netting the combined entity a valuation of $2.4 billion.

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Canoo is now the fourth electric vehicle maker to go public via a SPAC in 2020, after Nikola Corp., Fisker Inc., and Lordstown Motors.The deal is expected to close in the fourth quarter and Cannoo will trade on the Nasdaq under the ticker symbol CNOO. Once the transaction closes, the combined operating company will be named Canoo Inc. and will continue to be listed on the Nasdaq Stock Market under the ticker symbol “CNOO.”

But Canoo separates itself from the other EV makers in its business model. Rather than sell electrified pickup trucks and sedans directly to consumers, Canoo plans to sell its cars by subscription.
The car company plans to deliver a no-commitment, month-to-month subscription-based business model that gives its members access to their own Canoo car and includes maintenance, warranty, insurance, and access to electric charging ports.
Canoo also separates itself from its EV reverse-merger peers in terms of the initial share price reaction post merger announcement.
Canoo said it was able to raise $300 million in private investment in public equity, or PIPE, including investments from funds and accounts managed by BlackRock. Through the transaction, Canoo said it will have about $600 million that will go toward the production and launch of electric vehicles built off of its underlying skateboard technology.