The combined company will get proceeds of $500 million from the deal, including a private investment of $150 million. Investors in the deal include BlackRock and D.E. Shaw group, among others.
In February, Plus raised $200 million in a funding round, co-led by brokerage Guotai Junan International and private equity firm CPE, according to data from Pitchbook.
Founded in 2016, California-based Plus manufactures an automated driving system for heavy trucks, called PlusDrive, that can be installed on trucks or attached as a feature to trucks in production, according to its website.
Hennessy Capital Investment raised $345 million when it went public in January this year.
A SPAC is a company with no regular business operations but with a pool of capital raised through an IPO that it uses to take a private firm public.
Plus will list on the New York Stock Exchange under the symbol “PLAV” after the deal closes in the third quarter this year.