Sequoia-Backed Driverless Truck Startup Seeks SPAC Merger

Self-driving truck startup Plus is in advanced talks with a few special purpose acquisition companies for a merger, as it seeks to bankroll its expansion in the autonomous driving industry, according to people familiar with the matter.

The Sequoia Capital-backed company has received several letters of intent from the U.S.-listed SPACs and is weeks away from a deal announcement, the people said, asking not to be identified because the matter is private. The SPACs range in size from $300 million to $500 million, and Plus is planning to set its valuation range later this month, one of the people said.