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Hyundai invests in teleoperations startup Ottopia as part of $9M round – TechCrunch
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Innoviz Technologies (INVZ) Expands Board of Directors
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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.
A stock market ticker screen in the lobby of the Tel Aviv Stock Exchange, in the center of Tel Aviv, March 15, 2020. Photo: Flash90.
CTech – “Special-purpose acquisition companies (SPACs) are the most amazing thing to happen to the Israeli high-tech industry. There’s no other way to achieve such significant sums, and this is a cure for Israeli startups who were unable to remain independent,” Omer Keilaf, who serves as the co-founder and CEO of Innoviz Technologies, told
Calcalist.
The company, which develops LiDAR sensors for perception software for the autonomous vehicle market, was one of the first Israeli startups to complete a merger with a SPAC, which it did earlier this week. As part of the move, it raised $371. The stock began trading publicly under the symbol INVZ on the New York Stock Exchange and its shares leaped by 10%, an increase which catapulted its valuation above $1.5 billion.
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