Hyperloop will go public through a SPAC deal.
The vacuum train project launched in 2013 by Ilon Musk, Hyperloop Transportation Technologies, in the so-called SPAC deal, has entered into a merger agreement with Forest Road Acquisition Corp. II.
The preliminary valuation of the securities to be offered will be about $600 million.
Hyperloop technology is a vacuum tube-based system that moves people and goods by levitating capsules at the speed of an airplane on the ground. The high speeds are to be achieved "by using passive magnetic levitation technology and a linear electric motor in the tube with minimal pressure to reduce drag."
The goal of the project is to launch a clean, safe and efficient mode of transportation.
#Hyperloop #IPO #VC #News
