Israeli chipmaker Valens Semiconductor has announced that it has completed its SPAC merger with PTK Acquisition Corp. (NYSE: PTK) ("PTK"), a special purpose acquisition company. Valens shares and warrant will begin trading tomorrow on the New York Stock Exchange (NYSE) with the VLN and VLNW tickers. The merger was approved at a special meeting of PTK stockholders on September 28, 2021.
Valens provides high-speed connectivity solutions for the audio-video and automotive markets. Valens will begin trading at a market cap of $1.1 billion and the merger has produced $155 million of gross proceeds from the cash held in trust after PTK stockholder redemptions and the private investment in public equity (PIPE) by leading institutional and strategic investors.
Valens was founded in 2006 by Dror Jerushalmi, Massad Eyal, Eyran Lida, Gaby Gur Cohen, Nadav Banet, and Alon Benzaray and is currently led by CEO Gideon Ben-Zvi. Investors include Israel Growth Partners (IGP), Genesis, Magma, Mitsui Global, Oppenheimer, Delphi, and Samsung Catalyst.
Ben-Zvi said, "As the leader in high-speed digital connectivity, Valens’ transition to the public markets marks an important milestone in our corporate journey and enhances our ability to expand our high-speed, reliable connectivity solutions to several large and fast-growing markets. Valens’ chipsets are already embedded in Daimler Mercedes-Benz vehicles, and our technology was selected as the baseline for the new automotive standard for high-speed in-vehicle connectivity. Becoming a public company provides us with new sources of capital to accelerate our growth and advance our position as a leading global provider of semiconductors for high-speed connectivity solutions for the automotive, audio-video, and other adjacent markets." Valens technology addresses the need for next generation high-speed, high-bandwidth, error-free, long-range connectivity in environments where performance and cost are critical. The company's technology supports the car of the future by providing seamless connectivity for the increasing number of in-vehicle sensors, cameras and infotainment displays. Valens’ technology is validated by leading OEMs, automotive Tier-1 suppliers, and strategic investors. In audio-video, Valens invented HDBaseT technology, which is the industry standard for long-reach digital connectivity.
Published by Globes, Israel business news - en.globes.co.il - on September 29, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021