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.