Valens Semiconductor and PTK Acquisition Corp. Announce Closing of Business Combination
September 29, 2021
Valens to Begin Trading on the New York Stock Exchange under the Symbol “VLN” and Ring the Opening Bell on September 30, 2021
HOD HASHARON, Israel and NEW YORK, September 29, 2021 – Valens Semiconductor, Ltd. (“Valens”), a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, and PTK Acquisition Corp. (NYSE: PTK) (“PTK”), a special purpose acquisition company, today announced the completion of their previously announced business combination (the “Business Combination”). The combined company will be called Valens and expects its common stock and public warrants to begin trading under the ticker symbols “VLN” and “VLNW”, respectively, on the New York Stock Exchange (NYSE) on September 30, 2021. The Business Combination was approved at a special meeting of PTK stockholders on September 28, 2021.
“As the leader in high-speed digital connectivity, Valens’ transition to the public markets marks an important milestone in our corporate journey and enhances our ability to expand our high-speed, reliable connectivity solutions to several large and fast-growing markets,” said Gideon Ben-Zvi, CEO of Valens. “Valens’ chipsets are already embedded in Daimler Mercedes-Benz vehicles, and our technology was selected as the baseline for the new automotive standard for high-speed in-vehicle connectivity. Becoming a public company provides us with new sources of capital to accelerate our growth and advance our position as a leading global provider of semiconductors for high-speed connectivity solutions for the automotive, audio-video, and other adjacent markets.”
“We are proud to partner with Gideon Ben-Zvi and the Valens Semiconductor team as the company moves forward as a public company,” said Peter Kuo, CEO and Director of PTK. “As a pioneer in technologies set to define the future of connectivity, Valens is very well positioned for long-term success."
Valens technology addresses the need for next generation high-speed, high-bandwidth, error-free, long-range connectivity in environments where performance and cost are critical.
In automotive, Valens’ technology supports the complex car of the future by providing seamless connectivity for the increasing number of in-vehicle sensors, cameras and infotainment displays. Valens’ superior technology is validated by leading OEMs, automotive Tier-1 suppliers, and strategic investors. In audio-video, Valens invented HDBaseT technology, which quickly became the leading industry standard for long-reach digital connectivity.
On May 25, 2021, Valens announced the Business Combination with PTK in a transaction valued at approximately $1.1 billion. The transaction ultimately generated approximately $155 million of gross proceeds from the cash held in trust after PTK stockholder redemptions and the private investment in public equity (PIPE) by leading institutional and strategic investors. The proceeds will be used to accelerate development and commercialization of Valens’ next-generation products and to fully fund the company through profitability.
Valens’ senior management team will continue to lead the company, headed by Gideon Ben-Zvi, Chief Executive Officer.
Valens is a leading provider of semiconductor products, pushing the boundaries of connectivity by enabling long-reach, high-speed video and data transmission for the audio-video and automotive industries. Valens' Emmy® award-winning HDBaseT technology is the leading standard in the professional audio-video market with tens of millions of Valens' chipsets integrated into thousands of HDBaseT-enabled products. Valens Automotive is a key enabler of the evolution of autonomous driving, providing chipsets that are on the road in vehicles around the world. The underlying technology has been selected to become the basis for MIPI A-PHY, the global standard for automotive connectivity. Founded in 2006, Valens is based in Hod Hasharon, Israel, with offices in the US, Europe and Asia. For more information: www.valens.com.
About PTK Acquisition Corp.
PTK Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. With extensive operational and investment experience in the hardware and semiconductor industries, the PTK management team leverages global market relationships to tap into synergies across the electronics and automotive value chain. PTK Acquisition Corp. targets companies that focus on the most innovative subsectors within corporate and institutional information technology, hardware and software systems, and markets for the consumer-oriented gaming and digital entertainment. For more information: www.ptktech.com.