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A new electric vehicle company is hitting the public markets as an SPAC deal brings REE Automotive public.
The SPAC Deal: REE Automotive, a leader in eMobility, announced a SPAC deal with
10X Capital
Long-term investors in REE Automotive include Koch Strategic Platforms, Mahindra & Mahindra, Mitsubishi,
American Axle & Manufacturing (NYSE: AXL) and
Magna International (NYSE: MGA).
The deal will give $500 million in gross proceeds to REE Automotive. The deal values REE Automotive at $3.1 billion.
Shareholders of 10X Capital Venture Acquisition Corp will own 5.6% of the company if the merger is approved.
About REE Automotive: REE Automotive offers a fully flat and modular platform for electric vehicles based on its proprietary REEcorner technology.
By Reuters Staff
2 Min Read
(Reuters) - Electric vehicle technology startup REE Automotive has agreed to go public through a merger with a blank-check company, in a deal that values the Israeli firm at around $3.60 billion, the companies said on Wednesday.
FILE PHOTO: A prototype of a rolling chassis for electric vehicles developed by Israel s REE Automotive, is seen during a test drive in Beersheba, southern Israel September 17, 2020. Picture taken September 17, 2020. REUTERS/Amir Cohen/File Photo
The deal with 10X Capital Venture Acquisition Corp is expected to provide $500 million in proceeds to REE. The transaction includes a private investment of $300 million from investors including Mahindra and Mahindra, Koch Strategic Platforms and Magna International.
WeissLaw LLP is investigating whether VCVC s board acted in the best interest of VCVC s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of REE, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to VCVC s public shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violatio
10X Capital Venture Acquisition Corp Announces Pricing of $175 Million Initial Public Offering
10X Capital Venture Acquisition Corp Announces Pricing of $175 Million Initial Public Offering
New York, NY, Nov. 24, 2020 10X Capital Venture Acquisition Corp (the “Company”) today announced the pricing of its initial public offering of 17,500,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “VCVCU” beginning on November 24, 2020. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “VCVC” and “VCVCW,” respectively.
10X Capital Venture Acquisition Corp Announces Closing of Underwriters Over-Allotment Option in Connection with its Initial Public Offering
12/18/2020 | 04:59pm EDT
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New York, NY, Dec. 18, 2020 (GLOBE NEWSWIRE) 10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) (the “Company”) today announced the closing of the issuance of an additional 2,625,000 units pursuant to the exercise of the underwriters’ over-allotment option in full in connection with the Company’s initial public offering. The additional units were sold at the initial offering price of $10.00 per unit, generating additional gross proceeds of $26,250,000 to the Company and bringing the total gross proceeds of the initial public offering to $201,250,000.