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Valens Semi and PTK Acquisition conclude business combination
Valens Semiconductor and PTK Acquisition Corp. have completed their previously announced business combination. The combined company will be called Valens.
"We are proud to partner with Gideon Ben-Zvi and the Valens Semiconductor team as the company moves forward as a public company," said Peter Kuo, CEO and Director of PTK. "As a pioneer in technologies set to define the future of connectivity, Valens is very well positioned for long-term success." On May 25, 2021, Valens announced the Business Combination with PTK in a transaction valued at approximately USD 1.1 billion. The transaction ultimately generated approximately USD 155 million of gross proceeds from the cash held in trust after PTK stockholder redemptions and the private investment in public equity (PIPE) by leading institutional and strategic investors. The proceeds will be used to accelerate development and commercialization of Valens' next-generation products and to fully fund the company through profitability. "As the leader in high-speed digital connectivity, Valens' transition to the public markets marks an important milestone in our corporate journey and enhances our ability to expand our high-speed, reliable connectivity solutions to several large and fast-growing markets," said Gideon Ben-Zvi, CEO of Valens. "Valens' chipsets are already embedded in Daimler Mercedes-Benz vehicles, and our technology was selected as the baseline for the new automotive standard for high-speed in-vehicle connectivity. Becoming a public company provides us with new sources of capital to accelerate our growth and advance our position as a leading global provider of semiconductors for high-speed connectivity solutions for the automotive, audio-video, and other adjacent markets." Valens' senior management team will continue to lead the company, headed by Gideon Ben-Zvi, Chief Executive Officer.