Sidley represented Hennessy Capital Acquisition Corp. IV, a SPAC, in its merger with Canoo Holdings Ltd., a Los Angeles-based high-growth electric vehicle company. Canoo's common stock and warrants now trade on the Nasdaq Global Select Market under the ticker symbols "GOEV" and "GOEVW," respectively.
The initial business combination transaction was well received by investors, with over 99% of the SPAC’s shareholders electing to retain their common stock and not redeem their shares in connection with the transaction. As a result, over US$306.354 million remained in the SPAC’s trust account for the transaction. The transaction also included US$323.250 million in fully committed common stock private investment in public company (PIPE) financing announced at signing. As a result, there was over US$629.604 million in transaction gross proceeds at closing.
The team was led by corporate partners Jeffrey Smith (M&A and Private Equity) and Mike Heinz (Capital Markets), and included Dirk Andringa, Jack Melamed, Jeff Wysong, Nick Behrens, Dustin Page, and Emily Olivera (M&A and Private Equity); Suresh Advani and Katharine Funkhouser (Tax); Jim Mendenhall (International Trade); Corey Perry, Lauren Gallagher, and P.C. Wang (Employee Benefits); Heather Palmer (Environmental); and Liz McCloy (Real Estate).
