Daniel Sonnenfeld 04/09/2021
Innoviz, a company that creates sensors for autonomous cars, is the first Israeli company to complete a merger with a so-called special purpose acquisition company, and was listed on the NASDAQ this week
Innoviz, an Israeli company that develops and manufactures sensors for use in self-driving cars, is the first Israeli tech enterprise to complete its merger with a SPAC, the Collective Growth Corporation. The merger was approved by Collective Growth at a stockholders’ meeting on March 31, and finalized this week.
SPACs, or special purpose acquisition companies, are shell companies founded by entrepreneurs with the intention of later merging with an operational private company. The SPAC founders raise money from investors, who believe in the founders’ business acumen and their ability to choose the right company to merge with, one that has great potential for growth. Once the money is secured, the entrepreneurs list the shell company on a stock e