REE Automotive to List on NASDAQ Through Merger with $VCVC
REE Automotive to List on NASDAQ Through Merger with 10X Capital Venture Acquisition Corp
REE’s fully-flat and modular EV platforms are based on proprietary REEcorner technology, positioned to become the cornerstone of next-generation e-Mobility.
The transaction is expected to provide more than $500 million of gross proceeds to the Company. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International. As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized.
Pro forma equity value of the merger is approximately $3.6 billion and pro forma enterprise value of $3.1 billion, at the $10.00 per share PIPE price and assuming minimal 10X SPAC shareholder redemptions.
targeting a $700 billion total addressable market
REE has an orderbook comprised of signed indications of interest for over 250,000 platforms, representing 27% of their total cumulative expected revenue of $19.1 billion by 2026.
The transaction will accelerate mass production of REEcorner technology and modular EV platforms, expected to begin in 2023.
The proposed transaction expected to be completed by the end of the first half of 2021.
businesswire.com/news/home/20210203005257/en/REE-Automotive-to-List-on-NASDAQ-Through-Merger-with-10X-Capital-Venture-Acquisition-Corp
REE’s fully-flat and modular EV platforms are based on proprietary REEcorner technology, positioned to become the cornerstone of next-generation e-Mobility.
The transaction is expected to provide more than $500 million of gross proceeds to the Company. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International. As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized.
Pro forma equity value of the merger is approximately $3.6 billion and pro forma enterprise value of $3.1 billion, at the $10.00 per share PIPE price and assuming minimal 10X SPAC shareholder redemptions.
targeting a $700 billion total addressable market
REE has an orderbook comprised of signed indications of interest for over 250,000 platforms, representing 27% of their total cumulative expected revenue of $19.1 billion by 2026.
The transaction will accelerate mass production of REEcorner technology and modular EV platforms, expected to begin in 2023.
The proposed transaction expected to be completed by the end of the first half of 2021.
businesswire.com/news/home/20210203005257/en/REE-Automotive-to-List-on-NASDAQ-Through-Merger-with-10X-Capital-Venture-Acquisition-Corp
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