Self-driving startup Plus to go public through $1.2 billion SPAC deal

(Reuters) -Self-driving truck startup Plus Automation will go public in the U.S. through a merger with blank-check firm Churchill Capital Corp IX in a $1.2 billion deal, the companies said on Thursday.

The transaction will provide the company with $300 million in gross proceeds, which it plans to use to achieve the commercial launch of its autonomous trucks in 2027.

The combined company will operate as PlusAI, after the transaction closes.

Citigroup advised Churchill IX on the deal, while Northland Capital Markets served as the financial adviser to Plus.

(Reporting by Arasu Kannagi Basil and Ateev Bhandari in Bengaluru; Editing by Vijay Kishore)