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SPAC signs a deal with Quanergy worth $1.1 billion


A supplier of self-driving car technology, Quanergy Systems Inc. is merging with a Chinese blank check acquisition firm CITIC Capital Acquisition Corp. Quanergy is the latest company developing LiDAR technology that uses laser beams generating a three-dimensional map of the road that will turn to special purpose acquisition company (SPAC). The valuation of Quanergy will reach $1.1 billion due to this deal. The company was filing for clearance of the deal with the Committee on Foreign Investment in the United States (CFIUS),  a national security panel that investigates foreign investments. Any of the shareholders of Quanergy would not sell shares in the deal. Net cash held by the combined company was about $278 million. Quanergy shareholders would own 72% while SPAC shareholders would own 20% of the shares. The company is the only major LiDAR provider that uses Optical Phased Array Technology which reduces movable parts was founded in 2012 in Sunnyvale, California.

Source: Reuters

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