Hyperloop Transportation Technologies (HyperloopTT) has entered into a definitive merger agreement with Forest Road Acquisition Corp. II (NYSE: FRXB, FRXB.WS, and FRXB.U) and will trade under the ticker “HYPE” upon closing.
HyperloopTT is a leading technology licensing platform for the disruptive hyperloop technology, with extensive intellectual property (IP) assets, consisting of 66 global patents1 and more than 80 trademarks.
Strong relationships with the United States Department of Transportation (“USDOT”) and the European Commission’s Directorate-General for Mobility and Transport (“DG MOVE”) have resulted in legislative and regulatory advancements and opened pathways to expedite commercialization.
HyperloopTT’s “Hyperloop-as-a-Service” business model will enable it to potentially earn both upfront and recurring licensing fees for sharing its technological IP and know-how with customers including governments, infrastructure operators, and transportation operators.
HyperloopTT relies on an innovative, crowd-powered development model based on a global network of technologists, scientists, engineers, expert contributors, and partners, minimizing costs while maximizing development speed.
- The transaction will result in the issuance of $289 million of common stock to the shareholders and convertible note holders of HyperloopTT at close, and the combined company will assume the outstanding options and warrants of HyperloopTT.
- HyperloopTT expects to receive up to $330 million of net proceeds, assuming no redemptions, to fund growth and accelerate technology, testing, and resourcing globally, enabling potential customers to build the next generation of transportation.