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REE Automotive has filed a registration statement with the SEC concerning its merger with 10X Capital Venture Acquisition Corp (NASDAQ: VCVC). The deal is expected to close in Q2 2021, pending shareholder approval and satisfaction of customary closing conditions. The merger anticipates approximately $500 million in gross proceeds, including $201 million from 10X's trust account and $300 million from a fully subscribed PIPE with strategic investors like Koch and Mahindra. REE's innovative platform technology offers significant advantages over traditional electric vehicle designs, aiming to enhance market competitiveness.
REE Automotive has established a new Engineering Center of Excellence in the UK to accelerate the development of its REEcorner and Electric Vehicle (EV) platform technology. This state-of-the-art facility will support engineering design, validation, verification, and testing, and is expected to create approximately 200 jobs. REE's CapEx-light manufacturing model aims to minimize costs by utilizing integration centers globally. The company plans to deliver the first REEcorners in 2022, with mass production set to begin in 2023, backed by strategic investments from major partners.
REE Automotive Ltd. has announced a merger with 10X Capital Venture Acquisition Corp (NASDAQ:VCVC) to become publicly listed under the ticker 'REE'. This agreement values the combined entity at a pro forma enterprise value of $3.1 billion. The merger is expected to provide approximately $500 million in gross cash proceeds, with $201 million from 10X's trust account and $300 million from a fully committed PIPE. REE aims to revolutionize e-Mobility with its innovative REEcorner technology, which integrates vehicle components into the arch of the wheel for modular electric platforms, targeting commercial and Mobility-as-a-Service markets.
10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) announced the separation of units sold in its IPO, starting December 28, 2020. Holders can trade shares of common stock under the symbol ‘VCVC’ and warrants under ‘VCVCW’. Only whole warrants will be issued upon separation. The company, a blank-check entity, aims to merge with high-growth tech businesses across various sectors including ecommerce and healthcare. Wells Fargo Securities served as the sole book-running manager. This announcement also includes a caution about forward-looking statements related to future business combinations.
10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) announced the successful closing of an additional 2,625,000 units as part of its IPO, raising $26.25 million. This brings the total gross proceeds to $201.25 million. The company aims to focus on high-growth sectors such as consumer internet, e-commerce, software, healthcare, and financial services.
The offering was led by Wells Fargo Securities, with the registration statement declared effective by the SEC on November 23, 2020.
10X Capital Venture Acquisition Corp (Nasdaq: VCVCU) has successfully closed its initial public offering, raising $175 million from the sale of 17.5 million units, priced at $10.00 each. The units, consisting of one share of Class A common stock and one-half of a redeemable warrant, began trading on November 24, 2020. The company aims to identify high-growth technology and tech-enabled businesses for future mergers or acquisitions. Wells Fargo Securities acted as the sole book-running manager, with an option for underwriters to purchase additional units.
On November 24, 2020, 10X Capital Venture Acquisition Corp announced the pricing of its IPO, offering 17,500,000 units at $10.00 per unit. The units will be listed on Nasdaq under the symbol 'VCVCU'. Each unit comprises one share of Class A common stock and a half redeemable warrant, with the latter exercisable at $11.50 per share. The company focuses on high-growth technology sectors, including consumer internet and healthcare. Wells Fargo Securities serves as the sole book-running manager and has a 45-day option for an additional 2,625,000 units for over-allotments.
