Israeli EV platform co REE completes Nasdaq SPAC merger
27 July 2021 - globes
The company is opening a US headquarters in Austin, Texas.
Israeli company REE Automotive has completed a merger with SPAC 10X Capital Venture Acquisition Corp. at a pre-money valuation of $3.1 billion. The total amount raised by the company was $288 million, less than originally expected, after some shareholders in the SPAC decided not to participate in the merger deal. The emerged company is now traded on Nasdaq under the ticker symbol REE.
REE co-founder and CEO Daniel Barel said, "Today marks a significant milestone for REE as we enter the public markets with a tremendous opportunity ahead of us. We believe that our REEcorner technology and fully-flat and modular EV platforms will be the cornerstone for the booming commercial electric vehicle market, as we partner with prominent EV market players across the globe."
Barel funded REE Automotive together with Ahishay Sardes in 2011. The company produces a modular platform that contains all the propulsion elements needed for an electric vehicle. After the SPAC merger, REE announced that it would open a US headquarters in Austin, Texas, where it will employ 150 people.
Among the shareholders in REE are The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), Delek Automotive Systems controlling shareholder Gil Agmon, Mobileye co-found Ziv Aviram, RAD Biomed, controlled by Yehuda and Nava Zisapel, Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Ari Raavad, a former senior manager at IDB, and the founders.