REE Automotive, the Israeli company that develops new tech for electric vehicles, has completed an IPO SPAC merger with 10X Capital Venture Acquisition Corp.
The merger was approved by 10X’s stockholders, and the combined company, which is now trading on the Nasdaq under the ticker symbol REE, has a market capitalization of $3.1 billion.
REE raised $288 million in its initial public offering.
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REE has announced plans to establish a US headquarters in Austin, Texas, to meet growing demand for electric vehicles in the United States from delivery and logistics companies, mobility-as-a-service providers, and new technology players. Austin will house REE’s first asset-light Integration Center, which will assemble and test its innovative technology and ultra-modular electric vehicle platforms.
A special purpose acquisition company (SPAC) is a business that has no commercial operations and is founded only to raise cash via an initial public offering (IPO) to acquire another business. SPACs, also known as “blank check firms,” have existed for decades.
Electric vehicles are the way of the future. Nations like China have already announced a deadline for the continued sale of gas-powered cars. Several states in the U.S. are making similar moves. Everywhere governments are working to build new infrastructure to handle the additional electric demands and are building more and more electric vehicle charging stations.
REE is a fully horizontal company, with technology adaptable to the broadest possible variety of target industries and applications. REE’s fully scalable and modular architecture enables vehicle design freedom, space and volume with the shortest footprint, cheaper total cost of ownership, faster development periods, ADAS compatibility, reduced maintenance, and compliance with worldwide safety standards.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK, and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines.
Daniel Barel, REE Co-Founder and CEO stated: “REE enters the public markets with a tremendous opportunity ahead of us. We believe that our 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. We plan to enable end customers, such as delivery & logistic companies, OEMs, Mobility-as-a-Service and e-commerce companies to design mission-specific EVs tailored to their needs.”