PlusAI Going Public to Fund Autonomous Truck Launch

A SPAC deal could provide PlusAI with up to $300 million as it works toward a 2027 commercial launch of factory-built autonomous trucks.

PlusAI plans to become publicly traded through a merger with a special purpose acquisition company, or SPAC, a deal that could provide the autonomous-truck technology developer with up to $300 million in new capital.

Plus Automation Inc., known as PlusAI, announced September 3 that it has entered into a definitive business combination agreement with Texas Ventures Acquisition III Corp., a publicly traded SPAC.

What's a SPAC? A publicly traded shell company created to raise money and then merge with a private company. The merger gives the private company a way to become publicly traded without going through a traditional IPO.

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