Wall Street gives chipmaker Valens a cool reception globes.co.il - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globes.co.il Daily Mail and Mail on Sunday newspapers.
An engineer working at Valens, a high-speed chipmaker for the audio-video and automotive sectors. (Courtesy)
Valens, a maker of high-speed chips for the audio-video and automotive markets, said Tuesday it will merge with special purpose acquisition company PTK Acquisition Corp., a special purpose acquisition company, in a transaction that values the Israeli firm at $1.16 billion.
The company will be called Valens and will trade on the New York Stock Exchange under the symbol “VLN” following the transaction’s finalization, which is expected to occur later this fall, the companies said in a statement.
The deal will see Valens raising $240 million of gross proceeds from the deal.
Valens agrees SPAC merger at $1.16b valuation
The Israeli chipmaker has developed high-speed connectivity solutions for the audio-video and automobile markets.
Israeli chipmaker Valens Semiconductor today announced that it has signed an agreement to merge with the US special purpose acquisition company (SPAC) PTK Acquisition Corp. Following the close of the merger, Valens will trade on the NYSE under the VLN ticker at a company valuation of $1.16 billion.
According to IVC, Valens has raised $167 million in five financing rounds, the last of which was at the end of 2018 at a company valuation of $500 million. Valens has developed chips which provide high-speed connectivity solutions for the audio-video and automobile markets. The company has 270 employees, most of them in its Israel offices in Hod Hasharon.
Israeli co Valens in SPAC talks at $1.2b valuation - report
The Hod Hasharon-based car connectivity chipmaker is in talks with PTK Acquisition to list on NYSE through a merger, Bloomberg reports.
Israeli chipmaker Valens Semiconductor Ltd. is in talks to list on the NYSE through a merger with special purpose acquisition company (SPAC) PTK Acquisition Corp., people with knowledge of the matter have told Bloomberg.
The blank check company, which raised $115 million last July, is seeking to raise $100 million or more in new equity as part of the merger, which would value Valens at between $1 billion and $1.2 billion, one of the people told Bloomberg.