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Aeva to Be Listed on NYSE through Business Combination with IPV
Aeva, Maker of the First 4D LiDAR on Chip, to Be Listed on NYSE through Business Combination with InterPrivate Acquisition Corp.
-Aeva Inc. (“Aeva”) is the leading provider of comprehensive perception solutions developed on Silicon Photonics for mass scale applications in automotive, consumer electronics, consumer health, industrial and security markets.
-Aeva’s groundbreaking 4D LiDAR on Chip combines instant velocity measurements and long-range performance at affordable costs for commercialization at silicon scale.
-Aeva has received strategic investments from Porsche SE, the major shareholder of VW Group.
-Aeva’s commercial partners also include other top automotive OEMs and world’s leading mobility and technology players.
-In September, Aeva announced a production partnership with ZF to manufacture and distribute the first automotive grade 4D LiDAR to global OEM customers.
-Business combination to provide up to $363M in gross proceeds, comprised of InterPrivate’s $243M held in trust[1] and a $120M fully committed common stock PIPE at $10.00 per share, including investments from Adage Capital and Porsche SE.
-Combined company expected to have an estimated post-transaction equity value of approximately $2.1B and is expected to be listed on the NYSE under the ticker symbol AEVA following anticipated transaction close in Q1 2021.
-All Aeva stockholders, including Lux Capital, Canaan Partners, and Lockheed Martin, will retain their equity holdings through Aeva’s transition into the publicly listed company.
-Aeva plans to use 100% of the net proceeds from the transaction to accelerate its growth and commercialization.
Transaction overview
The combined company will have an implied pro forma equity value of approximately $2.1 billion at closing, and Aeva’s existing stockholders will hold approximately 80% of the issued and outstanding shares of common stock of the combined company immediately following the closing.
Cash proceeds in connection with the transaction will be funded through a combination of:
(i) the issuance of approximately $120 million of common stock through a fully committed private placement at $10.00 per share, including investments from Adage Capital and Porsche SE,
(ii) the issuance of $ 1.7 billion of new common stock of InterPrivate to current stockholders of Aeva subject to customary adjustments and
(iii) $243 million of cash held in trust assuming no redemptions by InterPrivate’s existing public stockholders.
Completion of the proposed business combination is subject to, among other things, the approval by InterPrivate and Aeva stockholders and the satisfaction or waiver of other customary closing conditions, including a registration statement being declared effective by the Securities and Exchange Commission (the “SEC”), and is expected to occur in the first quarter of 2021.
ipvspac.com/news/aeva-maker-of-the-first-4d-lidar-on-chip-to-be-listed-on-nyse-through-business-combination-with-interprivate-acquisition-corp/ stock
-Aeva Inc. (“Aeva”) is the leading provider of comprehensive perception solutions developed on Silicon Photonics for mass scale applications in automotive, consumer electronics, consumer health, industrial and security markets.
-Aeva’s groundbreaking 4D LiDAR on Chip combines instant velocity measurements and long-range performance at affordable costs for commercialization at silicon scale.
-Aeva has received strategic investments from Porsche SE, the major shareholder of VW Group.
-Aeva’s commercial partners also include other top automotive OEMs and world’s leading mobility and technology players.
-In September, Aeva announced a production partnership with ZF to manufacture and distribute the first automotive grade 4D LiDAR to global OEM customers.
-Business combination to provide up to $363M in gross proceeds, comprised of InterPrivate’s $243M held in trust[1] and a $120M fully committed common stock PIPE at $10.00 per share, including investments from Adage Capital and Porsche SE.
-Combined company expected to have an estimated post-transaction equity value of approximately $2.1B and is expected to be listed on the NYSE under the ticker symbol AEVA following anticipated transaction close in Q1 2021.
-All Aeva stockholders, including Lux Capital, Canaan Partners, and Lockheed Martin, will retain their equity holdings through Aeva’s transition into the publicly listed company.
-Aeva plans to use 100% of the net proceeds from the transaction to accelerate its growth and commercialization.
Transaction overview
The combined company will have an implied pro forma equity value of approximately $2.1 billion at closing, and Aeva’s existing stockholders will hold approximately 80% of the issued and outstanding shares of common stock of the combined company immediately following the closing.
Cash proceeds in connection with the transaction will be funded through a combination of:
(i) the issuance of approximately $120 million of common stock through a fully committed private placement at $10.00 per share, including investments from Adage Capital and Porsche SE,
(ii) the issuance of $ 1.7 billion of new common stock of InterPrivate to current stockholders of Aeva subject to customary adjustments and
(iii) $243 million of cash held in trust assuming no redemptions by InterPrivate’s existing public stockholders.
Completion of the proposed business combination is subject to, among other things, the approval by InterPrivate and Aeva stockholders and the satisfaction or waiver of other customary closing conditions, including a registration statement being declared effective by the Securities and Exchange Commission (the “SEC”), and is expected to occur in the first quarter of 2021.
ipvspac.com/news/aeva-maker-of-the-first-4d-lidar-on-chip-to-be-listed-on-nyse-through-business-combination-with-interprivate-acquisition-corp/ stock
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.