Aeva will become listed on the New York Stock Exchange through a business combination with cash shell InterPrivate Acquisition that reflects a USD 2.13 billion post-money equity valuation at closing.
Stockholders of the Californian company, including Lux Capital, Canaan Partners, and Lockheed Martin, will retain their equity through the transition to a listed entity, which is expected to complete in Q1 2021.
The business combination will provide up to USD 363.00 million in gross proceeds, which comprises InterPrivate’s USD 243.00 million held in trust.
It also includes a USD 120.00 million fully committed common stock private investment in a public entity at USD 10.00 per share – with participation from Adage Capital and Porsche SE.
The transaction reflects a USD 1.70 billion pre-money valuation, as well as a USD 1.80 billion enterprise value, with no material debt outstanding at closing.
Aeva claims to be the first to provide a perception platform built from the ground up on silicon photonics for mass scale application in automotive, consumer electronics and other sectors.
It said its ground-breaking 4D LiDAR on Chip combines instant velocity measurements and long-range performance at affordable costs for commercialisation at scale.
Aeva was founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk, and has received strategic investments from Porsche SE, the major shareholder of VW Group.
Last year, the group announced a partnership with Audi’s autonomous intelligent driving entity, though it has also teamed up with other passenger car, trucking and mobility platforms on the adoption of advanced driver-assistance systems and autonomous applications.
In September, it entered into a production alliance with ZF, one of the world’s largest automotive tier 1 manufacturers to top original equipment manufacturers.
The partnership is for the supply of the first automotive grade 4D LiDAR from select ZF production plants.
Aeva intends to use proceeds from the transaction to accelerate growth and commercialisation.
© Zephus Ltd