Israeli company REE Automotive has completed a merger with SPAC 10X Capital Venture Acquisition Corp., with a pre-valuation of $3.1 billion. The company raised a total of $288 million, less than originally expected, after some SPAC shareholders decided not to participate in the merger deal. The startup is now traded on the Nasdaq under the ticker symbol REE. Daniel Barrell, co-founder and CEO of REE, said: “Today marks an important milestone for REE as we enter the public market with a tremendous opportunity ahead. We believe REEcorner technology and fully flat-mounted modular EV platforms will be the cornerstone of the burgeoning commercial electric vehicle market, as we We partner with leading players in the electric vehicle market worldwide Barel funded REE Automotive with Ahishay Sardes in 2011. The company produces a modular platform that contains all the propulsion components needed for an electric vehicle.After the SPAC merger, REE announced that it would open a US headquarters in Austin, Texas, where it will employ 150. Shareholders in REE include The Phoenix Holdings Ltd. (TASE: PHOE1; PHOE5), controlling shareholder of Delek Automotive Systems Gil Agmon, Ziv Aviram co-founder Mobileye, and RAD Biomed, controlling On it Yehuda and Nava Zisapel, Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Ari Ravad, former Senior Director of the Islamic Development Bank, and founders.Published by Globes, Israel business new s – en.globes.co.il – 25 July 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021
Israeli EV platform company REE completes Nasdaq SPAC merger
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