Valence of Israel participated in the SPAC talks with a valuation of $ 1.2 billion – report

Israeli chip maker Valens Semiconductor Ltd. is in talks to list on the New York Stock Exchange through a merger with Special Purpose Acquisition (SPAC) PTK Acquisition Corp. He told people familiar with the matter, “Bloomberg.” White Checks Company, which raised $ 115 million in July, is seeking to raise $ 100 million or more in new capital as part of the merger, which will value Valens at between $ 1 billion and $ 1.2 billion, one said. People by Bloomberg. Related articles Valens implements second round of layoffs, Israeli company Valens raised $ 63 million from Israeli company Autotalks close to $ 2b valuation, SPAC merger “Bloomberg” added that a representative from Valens declined to comment and a PTK representative was not reached Acquisition on the spot for comment. The company was founded in 2006 by Dror Jerushalmi, Massad Eyal, Eyran Lida, Gaby Gur Cohen, Nadav Banet and Alon Benzaray and is currently managed by CEO Gideon Ben-Zvi. Only Lida (CTO) and Eyal (Vice President of Core Technologies Development) are still active in the company. Valens developed audio and video market segments including vehicle delivery solutions and raised $ 164 million according to Start Up Nation Central. Investors include Goldman Sachs Group Inc. Linse Capital, Oppenheimer Asset Management and Samsung Electronics Co.’s Bloomberg. Valens, according to a person familiar with the matter, is expected to generate more than $ 60 million in revenue in fiscal year 2021. The Israeli automotive technology sector has embraced SPAC’s trend for listing on Wall Street. Innoviz Technologies for Lidar laser sensors began trading on the Nasdaq Stock Exchange last week after completing the merger of SPAC, developer of the Arbe Robotics radar chip, Otonomo connected vehicle data platform, and REE electric vehicle platform, all announced approval of the merger of SPAC, while Autotalks announced the development of connected vehicles. (V2X). It is said to be close to the integration of SPAC. But new accounting requests by the US Securities and Exchange Commission (SEC) could delay these mergers. Posted by Globes, Israel business news – en.globes.co.il – on April 14, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021