I magnetic levitation trains di HyperloopTT they race at high speed towards the New York Stock Exchange. The manufacturer of high-speed transport systems has announced that it will go public on Nasdaq means fusion with the spac Forest Road Acquisition Corp. – an investment vehicle to raise funds and merge with other companies – led by two ex-Disney managers (Tom Staggs and Kevin Meyer), basketball star Shaquille O'Neal and Martin Luther King III.
The transaction estimates the share price of HyperloopTT a 600 million dollars and is expected to generate proceeds net up to 330 million dollarsunless the special acquisition company's shareholders withdraw their money before the deal closes, which is expected to take place in the first half of 2023.
Upon closing of the transition, the new combined company will be called “Hyperloop Transportation Technologies” and will continue to be led by the CEO Andres de Leon and by the HyperloopTT management team.
Current shareholders and convertible noteholders of HyperloopTT will hold $289 million worth of common stock in the company at closing, and the combined company will assume HyperloopTT's outstanding options and warrants.
HyperloopTT
HyperloopTT is a leading technology licensing platform for the disruptive tech hyperloop (concept first used by Elon Musk in 2013). It is a high-speed transportation system based on vacuum tubes using passive magnetic levitation technology. The company holds 66 global patents and more than 80 registered trademarks that it may license to transportation and infrastructure operators.
HyperloopTT and links with Italy
The American company is working on various projects. Among the most important is the creation of the connection between Padua and Venice. As Milano Finanza recalls, the section is the subject of an 800 million dollar tender called in the Veneto region and which should lead to the departure of the first prototype in 2026, just in time for the Milan-Cortina Olympics. HyperloopTT participates in consortium with two Italian industrial giants: Leonardo e Webuild.
But the ties between American society and Italy don't end there. Among the first shareholders of the company there is bibop They're going, co-founder and former president of Hyperloop Transportation Technologies and founder and CEO of Hyperloop Italia.
