Israeli EV platform co REE has completed the merger of Nasdaq SPAC


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Israeli company REE Automotive has completed a merger with SPAC 10X Capital Venture Acquisition Corp. at an estimated $ 3.1 billion before the money. The total amount the company raised was $ 288 million, less than originally expected, after some SPAC shareholders decided not to participate in the merger. The new company is now traded on the Nasdaq under the REE label.

REE co-founder and CEO Daniel Barel said: “Today represents a significant milestone for REE when we enter public markets with a huge chance ahead of us. We believe that our REEcorner technology and fully flat and modular EV platforms will be the cornerstone of a fast-paced market. commercial electric vehicles, as we partner with prominent EV car players around the world. “

In 2011, Barrel co-financed REE Automotive with Ahishay Sardes. The company produces a modular platform that contains all the drive elements needed for an electric vehicle. Following the merger of SPAC, REE announced that it would open a U.S. headquarters in Austin, Texas, where it would employ 150 people.

Among the shareholders of REE are The Phoenix Holdings Ltd. (LEVEL: PHOE1;PHOE5), Delek Automotive Systems controlled by shareholder Gil Agmon, Mobileye is co-founded by Ziv Aviram, RAD Biomed, controlled by Yehuda and Nave Zisapel, Clal Insurance Enterprises Holdings Ltd. (LEVEL: CLIS), Ari Raavad, former senior manager at IDB, and founders.

Posted by Globes, business news in Israel – en.globes.co.il – July 25, 2021

© Copyright Globes Itonut (1983) Ltd. 2021


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