Electrical Auto Organization Canoo And Hennessy Cash Acquisition Corp. IV Announce Closing Of Small business Mix

NEW YORK and LOS ANGELES, Dec. 21, 2020 /PRNewswire/ — Canoo Holdings Ltd. (“Canoo”), a business acquiring breakthrough electric automobiles (“EV”) with a proprietary and extremely flexible EV platform for individual and enterprise use, and Hennessy Funds Acquisition Corp. IV (“HCAC”) (NASDAQ: HCAC, HCACW), a particular goal acquisition corporation, announced right now the completion of their small business blend (the “Small business Mixture”). The Enterprise Mixture was authorised by HCAC stockholders at a unique meeting held on December 21, 2020. Beginning on December 22, 2020, Canoo’s widespread stock and warrants will trade on the Nasdaq World-wide Pick Current market beneath the ticker symbols “GOEV” and “GOEVW,” respectively.

Tony Aquila, Executive Chairman of Canoo reported, “This future chapter is a incredibly essential one particular for Canoo as we put together to total highly developed screening of our ground breaking electric powered mobility system and to bring our lately unveiled multi-purpose supply vehicle to restricted creation in 2022, and to business creation and rollout in 2023. On behalf of all of us at Canoo, we are dedicated and psyched about our go-to-current market chances and to deliver each buyers and companies the gains of our platform. We are extremely passionate about satisfying our mission to convey EVs to all people.”

Canoo, which has designed the world’s flattest modular electrical platform, is reimagining EV design, maximizing usable interior house and supporting a broad vary of auto applications, which include its recently unveiled multi-objective shipping car or truck. With a exceptional platform architecture, described by a self-contained, independently drivable rolling chassis that homes all of the most essential EV elements, Canoo will supply the market’s very first genuine steer-by-wire platform. Paired with a composite leaf spring suspension, the engineering permits the electric platform’s flat composition and maximizes auto interior room. The company’s proprietary electric drivetrain and battery programs are included into the EV system, which is the foundation for all Canoo cars. Various cabins or “best hats” are paired on top of Canoo’s EV platform to create a variety of special autos. Canoo’s very modular solution will aid successful creation at scale and help the speedy development of autos serving diverse markets and purchaser segments at decreased price, driven by investigate and enhancement. For case in point, crash tests is mainly designed into the electric platform, minimizing fees and time to sector.  

Daniel J. Hennessy, the Chairman & CEO of HCAC explained, “We are thrilled to see this merger effectively understood and congratulate Canoo on this milestone. Our commitment to sustainable technologies and infrastructure is resolute, and Canoo is a fitting long-time period associate as we usher in a new era for city mobility with revolutionary and economical EVs. We search ahead to collaborating with Canoo as they convey sport-modifying EV options to B2C and B2B markets and execute from their vision.”  

BofA Securities is serving as special money advisor, and Cooley LLP is serving as legal advisor to Canoo. Nomura Securities Worldwide, Inc. and Stifel, Nicolaus & Enterprise, Included are serving as joint placement brokers on the PIPE providing, and Stifel, Nicolaus & Firm, Integrated is serving as monetary advisor to HCAC. Mayer Brown LLP is performing as counsel to the joint placement brokers on the PIPE providing and as counsel to the financial advisor to HCAC, and Sidley Austin LLP is serving as legal advisor to HCAC. ICR, LLC is serving as communications advisor for Canoo.

About Canoo

Canoo is a Los Angeles-dependent enterprise that has made breakthrough electrical motor vehicles that are reinventing the automotive landscape with daring improvements in design and style, pioneering technologies, and a special business enterprise design that defies standard ownership to place consumers initial. Distinguished by its skilled team – totaling around 350 employees from leading know-how and automotive firms – Canoo has intended a modular electric powered system objective-developed to produce optimum car interior place and adaptable to help a extensive selection of auto apps for customers and companies.

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Forward-Seeking Statements

The information and facts in this press release features “ahead-wanting statements” in the meaning of the “risk-free harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Ahead-wanting statements may possibly be recognized by the use of terms this sort of as “estimate,” “strategy,” “venture,” “forecast,” “intend,” “will,” “assume,” “anticipate,” “consider,” “search for,” “goal” or other equivalent expressions that predict or show long term occasions or traits or that are not statements of historic matters. These forward-looking statements include things like, but are not confined to, statements regarding estimates and forecasts of fiscal and effectiveness metrics, projections of market place option and sector share, expectations and timing connected to professional item launches, capacity to accelerate Canoo’s go-to-sector method and capitalize on business chances, likely gains of the transaction and the opportunity achievements of Canoo’s go-to-market place method. These statements are primarily based on many assumptions, no matter if or not discovered in this push launch, and on the present anticipations of Canoo’s administration and are not predictions of genuine functionality. These ahead-looking statements are delivered for illustrative purposes only and are not supposed to serve as, and need to not be relied on by any trader as, a guarantee, an assurance, a prediction or a definitive statement of point or likelihood. Precise events and situations are difficult or extremely hard to forecast and will vary from assumptions. A lot of true gatherings and situations are beyond the regulate of Canoo. These ahead-hunting statements are matter to a number of challenges and uncertainties, such as changes in domestic and international business, market, money, political and lawful conditions failure to recognize the expected benefits of the proposed enterprise mixture pitfalls relating to the uncertainty of the projected economical details with regard to Canoo threats connected to the rollout of Canoo’s business enterprise and the timing of envisioned business enterprise milestones and industrial launch pitfalls connected to long term marketplace adoption of Canoo’s choices hazards related to Canoo’s go-to-market place system and membership organization product the consequences of competitors on Canoo’s long run business the skill of the mixed corporation to concern fairness or fairness-linked securities, and these aspects mentioned in HCAC’s last prospectus filed on March 4, 2019, Yearly Report on Variety 10-K for the fiscal yr finished December 31, 2019, Quarterly Reports on Sort 10-Q for the quarters finished March 31, 2020, June 30, 2020, and September 30, 2020, the registration statement on Type S-4 (alongside one another with all amendments thereto, the “Registration Statement”) to begin with submitted on September 18, 2020, and the definitive proxy assertion / prospectus contained therein, in each scenario, underneath the heading “Possibility Elements,” and other paperwork of HCAC submitted, or to be filed, with the Securities and Trade Commission. If any of these dangers materialize or our assumptions demonstrate incorrect, genuine final results could vary materially from the outcomes implied by these forward-on the lookout statements. There may possibly be further pitfalls that Canoo does not presently know or that Canoo currently believes are immaterial that could also induce genuine outcomes to differ from these contained in the forward-wanting statements. In addition, forward-seeking statements replicate Canoo’s anticipations, options or forecasts of long term gatherings and sights as of the date of this press launch. Canoo anticipates that subsequent functions and developments will cause Canoo’s assessments to change. Nonetheless, whilst Canoo may elect to update these forward-looking statements at some level in the potential, Canoo particularly disclaims any obligation to do so. These forward-looking statements need to not be relied upon as symbolizing Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should really not be placed upon the forward-looking statements.

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