Brief: ECARX To Go Public In $3.82 Billion Merger With COVA Acquisition Corp

Ecarx Holdings.

26/05/2022 12:39

May 26 (Reuters) - ECARX Holdings Inc:
    * ECARX TO GO PUBLIC IN $3.82 BILLION MERGER WITH COVA
ACQUISITION
CORP., ACCELERATING DEVELOPMENT OF NEXT-GENERATION AUTOMOTIVE
INTELLIGENCE
    * COVA ACQUISITION CORP - TRANSACTION VALUES ECARX AT $3.82
BILLION PRO FORMA EQUITY VALUE, OR PRE-MONEY EQUITY VALUE OF
$3.4 BILLION
    * COVA ACQUISITION - AFTER CLOSING, ECARX'S EXISTING
SHAREHOLDERS
ARE EXPECTED TO OWN ABOUT 89% OF PRO FORMA COMBINED CO, ASSUMING
NO REDEMPTIONS
    * COVA ACQUISITION - EQUITY VALUE INCLUDES $300 MILLION CASH
HELD
IN TRUST BY CO AS WELL AS $45 MILLION IN ADDITIONAL CAPITAL FROM
STRATEGIC PARTNERS

Source text for Eikon:  ID:nPn7vVLYMa 
Further company coverage:  COVA.O 

 ((Reuters.Briefs@thomsonreuters.com;))