Innoviz shares start trading on Nasdaq on April 6 after merger with SPAC completed (Courtesy)
Shares of Israel’s Innoviz Technologies, a maker of sensors for self-driving cars, rose 11% on the Nasdaq on its first day of trading on Tuesday, marking the first Israeli tech firm to complete a merger deal with a special purpose acquisition company.
The merger with the SPAC, Collective Growth Corporation, provides Innoviz with some $371 million in proceeds. Shares started trading on Tuesday after the business combination was approved by a stockholders’ meeting of Collective Growth on March 31.
“The successful completion of the business combination will allow Innoviz Technologies to meet the booming demand of the auto industry, which has been waiting for the LiDAR technology to mature,” Innoviz said in a statement ahead of the start of trading on Tuesday.
Innoviz completes SPAC merger, begins Nasdaq trading
The Israeli lidar laser sensors for cars developer starts trading at a company valuation of $1.4 billion.
Israeli auto-tech company Innoviz will begin trading on Nasdaq today after completing its merger with US special purpose acquisition company (SPAC) Collective Growth Corporation. Innoviz will list under the INVZ ticker and begins trading at a company valuation of $1.4 billion.
Innoviz develops Lidar laser sensors for cars. As part of the merger, Innoviz is raising $350 million from the SPAC and an offering to institutional investors. In 2020, the company s revenue was $5 million with negative EBITDA of $65 million and negative free cash flow of $69 million.
Dec. 13, 2020
The Israel startup Innoviz Technologies, which has developed LiDAR sensors that enable self-driving cars to see their surroundings, said on Friday it would list on the Nasdaq Stock Market by merging with a special purpose acquisition company, or SPAC.
The SPAC, which is a “blank check” corporation formed to take companies public without an initial public offering, is called Collective Growth Corporation. Collective had earlier raised $150 million for the purpose of merging with a privately held company. Innoviz will not only get Collective’s $150 million but another $200 million through a so-called PIPE (private investment in public equity) investment led by Antara Capital and Perception Capital Partners.