Momentus makes it out against all odds and Lordstown pivots to a leasing model (of warehouse space)

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Autonomous driving startup Pony.ai has put on hold plans to go public in New York through a merger with a blank-check firm at a $12 billion valuation, after it failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies, people familiar with the matter said.

The decision makes Pony.ai one of the biggest companies to suspend its U.S. listing plans after China banned ride-sharing giant Didi Global Inc from signing up new users just days after its blockbuster initial public offering (IPO) in June.

It followed up with crackdowns on other Chinese technology firms over concerns about the safety of user data, which led to some companies, such as LinkDoc Technology and Hello Inc, scrapping their U.S. listing plans.

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It was concerned that the Chinese regulators could take action if it proceeded with a U.S. stock market debut, even through merging with a special-purpose acquisition company (SPAC) instead of an IPO, the sources said. Details of Pony.ai's discussions with the Chinese authorities could not be learned.

Pony.ai had been in exclusive talks to go public through a merger with VectoIQ Acquisition II (VTIQ: $9.67). The deal would have been financed with a private placement from investors of roughly $1.2 billion, and the company had aimed to list by October, according to the sources.

A spokesperson for Pony.ai said the company has no current plan or timeline to go public and declined to comment on the talks. The Cyberspace Administration of China, which has been leading the crackdown on technology companies such as Didi, did not immediately respond to a request for comment. VectoIQ declined to comment.

Lordstown Motors Corp (RIDE: $5.58), which previously warned it needs to raise additional funding, hung the “open for business” sign on its northeastern Ohio plant on Wednesday, saying it was in talks to build vehicles for other automakers or lease space in the factory.

Shares of the electric vehicle startup, which also said it will begin limited production of its Endurance pickup truck in late September, rose 6.1% in after-hours trading.

“We are exploring multiple partnership constructs. That includes contract manufacturing, that includes licensing,” Chairwoman Angela Strand said on a conference call with analysts. “We’re discussing with multiple (automakers) who are interested in exploring how they can leverage the assets that we have.”

“This is a critical, strategic pivot for us,” she added. “A decision that we believe will lead to significant new revenue opportunities.”

Lordstown, which also on Wednesday announced a second-quarter loss, said its plant in the northeastern part of the state is ready and that retooling of stamping, assembly, body and paint shops has been completed. It also said the electric battery line is fully commissioned.

Lordstown will begin shipping the Endurance to select early customers in the first quarter of next year, followed by wider commercial deliveries in the second quarter, she said. Production will increase steeply in the second half of 2022.

Strand said while Lordstown will initially target commercial customers, the Endurance also will appeal to consumers.

Lordstown President Rich Schmidt said the Endurance uses only 30% of the plant’s 6.2 million square feet, so there is room for others to build vehicles there or for Lordstown to build them. Other options could include selling batteries or EV platforms to other automakers, he said.

Shares of electric aircraft maker Joby Aviation (JOBY: $13.40) surged more than 20% after opening at $10.62 in their first day of trading on the New York Stock Exchange after the company’s SPAC merger.

Founded in 2009 by CEO JoeBen Bevirt, the start-up wants to make air travel cleaner and quieter, and is offering an electric alternative to traditional planes or helicopters for short hops.

The company aims to bring its electric vertical takeoff and landing aircraft, known in the industry as an eVTOL, into service in 2024. The company brought one of its aircraft to park in front of the New York Stock Exchange on Wednesday to mark the occasion. According to the company, its eVTOL can transport four passengers and a pilot, flying up to 150 miles on a single charge with a cruising speed of 200 mph.

Joby Aviation went public by merging with a blank-check company called Reinvent Technology Partners, which is run by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. While the shares were previously listed under the ticker RTP for the special purpose acquisition company, Joby Aviation now trades under JOBY and JOBY WS.

The SPAC deal will bring Joby more than $1 billion, which the company intends to use to earn Federal Aviation Administration certifications, build electric aircraft and make its air taxi service operational in the U.S.