Israeli chipmaker Valens completes SPAC merger

Israeli chip maker Valens Semiconductor announced that it has completed its SPAC merger with PTK Acquisition Corp. (NYSE: PTK) (“PTK”), a special purpose acquisition company. Valens’ stock and warrants will trade on the New York Stock Exchange (NYSE) tomorrow with the VLN and VLNW tickers. The merger was approved at a special meeting of shareholders of PTK on September 28, 2021.

Valens provides high-speed connectivity solutions for the audio-video and automotive markets. Valens will begin trading with a market cap of $1.1 billion and the merger has yielded $155 million in gross proceeds from the cash held in trust after redemptions from PTK shareholders and the private investment in public equity (PIPE) by leading institutional and strategic investors.

Valens was founded in 2006 by Dror Jerushalmi, Massad Eyal, Eyran Lida, Gaby Gur Cohen, Nadav Banet and Alon Benzaray and is currently led by CEO Gideon Ben-Zvi. Investors include Israel Growth Partners (IGP), Genesis, Magma, Mitsui Global, Oppenheimer, Delphi and Samsung Catalyst.

Ben-Zvi said: “As a leader in high-speed digital connectivity, Valens’ transition into the public markets marks a significant milestone in our business journey and enhances our ability to extend our high-speed, reliable connectivity solutions to several large and fast-growing businesses. Valens chipsets are already embedded in Daimler Mercedes-Benz vehicles and our technology was chosen as the basis for the new automotive standard for high-speed connectivity in vehicles Becoming a publicly traded company provides us with new sources of capital to accelerate our growth and enhance our position as a leading global supplier of semiconductors for high-speed connectivity solutions for the automotive, audio-video and other adjacent markets.” Valens’ technology addresses the need for next-generation fast, high-bandwidth, error-free, long-distance connectivity in environments where performance and cost are critical. The company’s technology supports the car of the future by providing seamless connectivity for the increasing number of sensors, cameras and infotainment displays in the vehicle. Valens’ technology is being validated by leading OEMs, automotive Tier-1 suppliers and strategic investors. In audio video, Valens invented HDBaseT technology, the industry standard for long-range digital connectivity.

Published by Globes, Israel Business News – en.globes.co.il – on September 29, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

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