SPAC COVA Acquisition edges up on $3.8 bln merger deal with ECARX

Ecarx Holdings.

26/05/2022 12:59

** Shares of special purpose acquisition co  COVA.O  up 1.1%
at $9.92 premarket
    ** Co to merge with ECARX Holdings Inc in deal that values
car tech firm at $3.82 bln, ECARX says  urn:newsml:reuters.com:*:nL3N2XI2C3
    ** Deal expected to close in Q4 this year, ECARX says
    ** Apart from $300 mln held by COVA, ECARX will also get $45
mln of additional capital from existing investor Geely Holding
Group and others - statement
    ** COVA's backer and controlling shareholders of ECARX have
agreed to 6-month lock-up period for shares owned in combined
entity, ECARX says

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))