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$HCAC Canoo the latest to try for EV-SPAC magic

https://seekingalpha.com/news/3606630-canoo-latest-to-try-for-ev-spac-magic

ug. 18, 2020 8:30 AM ET|About: Nikola Corporation (NKLA)|By: Clark Schultz, SA News Editor
Canoo (CNOO) will be the fourth EV startup to go public via the SPAC path this year to follow Nikola (NASDAQ:NKLA), Lordstown Motors (RIDE) and Fisker Inc. (SPAQ, APO).

"There is a very clear message from the markets: We want to invest in ESG, we want to invest in vehicle electrification," says Deutsche Bank Analyst Emmanuel Rosner on the trend.

Rosner reminds that the intersection of the EV sector and SPACs isn't automatically at a printing press. "We don’t necessarily assume, all will survive or all will thrive. It’s still very early to say which one will which one won’t," he notes.

Canoo, which plans to use a subscription model for its lifestyle EVs, is going public through a business combination with Hennessy Capital Acquisition (NASDAQ:HCAC). Shares of HCAC are only up 1.15% in early trading, but could draw some interest on the Robinhood platform before the end of the day.