In a joint statement, self-driving truck startup Plus and blank-check company Hennessy Capital Investment Corp V said, they are calling off their merger given the regulatory environment outside the US.

Earlier this year in May, Plus had said it would go public through a merger with Hennessy, in a deal that valued it at $3.3 billion.

In light of developments in the regulatory environment outside the United States, Plus is pursuing a potential restructuring of certain aspects of its business.

Neither will be required to pay a termination fee.

“We remain optimistic that the parties can once again explore a business combination in the near term that will further advance sustainable transportation,” said Daniel Hennessy, Hennessy Capital’s CEO in a statement.

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Tags: blank check company, CEO, Daniel Hennessy, Hennessy Capital, Hennessy Capital Investment Corp V, merger, Plus, regulatory environment, restructuring, self driving, sustainable transportation, truck startup, U.S., United States, US, valuation, valued