Israel’s REE Automotive Completes $3.1 Billion SPAC Merger
REE provides electrical car tech.
REE Automotive, the Israeli firm that develops new tech for electrical automobiles, has accomplished an IPO SPAC merger with 10X Capital Enterprise Acquisition Corp.
The merger was accredited by 10X’s stockholders, and the mixed firm, which is now buying and selling on the Nasdaq underneath the ticker image REE, has a market capitalization of $3.1 billion.
REE raised $288 million in its preliminary public providing.
REE has introduced plans to determine a US headquarters in Austin, Texas, to fulfill rising demand for electrical automobiles in the USA from supply and logistics corporations, mobility-as-a-service suppliers, and new know-how gamers. Austin will home REE’s first asset-light Integration Heart, which can assemble and check its revolutionary know-how and ultra-modular electrical car platforms.
A particular function acquisition firm (SPAC) is a enterprise that has no business operations and is based solely to boost money by way of an preliminary public providing (IPO) to accumulate one other enterprise. SPACs, often known as “clean verify companies,” have existed for many years.
Electrical automobiles are the way in which of the long run. Nations like China have already introduced a deadline for the continued sale of gas-powered vehicles. A number of states within the U.S. are making related strikes. All over the place governments are working to construct new infrastructure to deal with the extra electrical calls for and are constructing increasingly electrical car charging stations.
REE is a totally horizontal firm, with know-how adaptable to the broadest attainable number of goal industries and purposes. REE’s totally scalable and modular structure allows car design freedom, area and quantity with the shortest footprint, cheaper complete price of possession, sooner growth durations, ADAS compatibility, diminished upkeep, and compliance with worldwide security requirements.
Headquartered in Tel Aviv, Israel, with subsidiaries within the USA, the UK, and Germany, REE has a CapEx-light manufacturing mannequin that leverages its Tier 1 companions’ current manufacturing traces.
Daniel Barel, REE Co-Founder and CEO acknowledged: “REE enters the general public markets with an incredible alternative forward of us. We consider that our know-how and fully-flat and modular EV platforms would be the cornerstone for the booming business electrical car market, as we companion with distinguished EV market gamers throughout the globe. We plan to allow finish clients, equivalent to supply & logistic corporations, OEMs, Mobility-as-a-Service and e-commerce corporations to design mission-specific EVs tailor-made to their wants.”
Learn extra about: REE Automotive