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HyperloopTT Agrees to Merge With Ex-Disney Executives’ SPAC

Kevin Mayer speaks at the Milken Institute Asia Summit in Singapore, on Thursday, Sept. 29, 2022. The event started with invitation only sessions on Sept. 28, runs through September 30.

Kevin Mayer speaks at the Milken Institute Asia Summit in Singapore, on Thursday, Sept. 29, 2022. The event started with invitation only sessions on Sept. 28, runs through September 30.

Photographer: Bryan van der Beek/Bloomberg
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Hyperloop Transportation Technologies, a technology-licensing company, has agreed to merge with blank check firm Forest Road Acquisition Corp. II, according to a statement confirming an earlier report by Bloomberg News.

The merged company will have an enterprise value of about $400 million, though this figure could climb to $565 million if HyperloopTT options and warrants are exercised. HyperloopTT doesn’t currently generate revenue, though its technology portfolio features dozens of patents and trademarks that relate to levitation, propulsion and low-pressure tube transportation.