![]() ![]() The company has said it is the only major LiDAR provider to use Optical Phased Array technology, which reduces movable parts and therefore is better for the requirements of the automotive industry. Quanergy shareholders would own about 72% of the combined company, while SPAC shareholders would own around 20%, with most of the remainder going to outside investors.įounded in 2012, Quanergy is based in Sunnyvale, California. They would be used to fund its operational growth and for general corporate purposes. Net cash proceeds held by the combined company were estimated to be about $278 million, according to the sources. No Quanergy shareholder would sell shares in the deal. ![]() Quanergy expects CFIUS would greenlight the deal because CITIC would keep its stake in the company below 10%, and Quanergy was not engaged in the recording of any personal driver data, the source added. The company was preparing to file for clearance of the deal with the Committee on Foreign Investment in the United States (CFIUS), a national security panel that scrutinizes foreign investment, according to one of the sources. It is sponsored by CITIC Capital Holdings Limited, which is backed by CITIC Group, China’s largest investment conglomerate. Following the Velodyne SPAC merger, which implied a pro. Quanergy and CITIC did not immediately respond to requests for comment.ĬCAC raised around $240 million in an IPO on the New York Stock Exchange in February 2020. In comparison, the Luminar SPAC deal implied a 3.4 billion pro forma equity valuation, and Luminar is now valued at 8.3 billion. The sources requested anonymity because the negotiations are confidential. The SPAC deal would value Quanergy at $1.1 billion and could be announced as early as this week, the sources said. Others that have done so include Peter Thiel-backed Luminar Technologies Inc (LAZR.O) and AEye. ![]() It is valued at about 8 billion and its stock is up by around 38 since going public in. Quanergy would be the latest company developing LiDAR technology - which uses laser beams to help generate a three-dimensional map of the road - to turn to a so-called special purpose acquisition company (SPAC) to go public. Luminar has posted the best performance as a public company among the local lidar developers so far. All of them through a SPAC merger: Velodyne Lidar Inc (VLDR) Luminar Technologies Inc (LAZR) Innoviz Technologies Ltd (INVZ) Aeye. June 21 (Reuters) - Quanergy Systems Inc, a supplier of self-driving car technology, is nearing a deal to go public through a merger with Chinese blank-check acquisition firm CITIC Capital Acquisition Corp (CCAC.N), people familiar with the matter said on Monday. Since June 2020, six different LiDAR companies have gone public. ![]()
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