Chinese electric-vehicle (EV) start-up Byton is in talks to go public via a merger with a special purpose acquisition company (SPAC), Reuters reported on Monday.
Byton is in talks with several SPACs and potential investors about the plan, which could see the company going public later this year, according to the report.
The news follows last month’s report that Taiwan’s Hon Hai Precision Industry (OTC: HNHPF), better known as Foxconn, agreed to invest in Byton and to help it get its vehicles into production. Bloomberg reported that Foxconn plans to invest about $200 million in the struggling start-up, and that production of Byton’s M-Byte electric SUV could begin next year.
