Collective Growth: Up on deal to take SoftBank-backed sensor maker public

Innoviz Technologies

11/12/2020 14:11

** Shares of special purpose acquisition co (SPAC)
Collective Growth Corp  CGRO.O  up more than 19% at $15.85
premarket
    ** Co will take SoftBank-backed manufacturer of sensors for
self-driving vehicles Innoviz Technologies public through a
reverse merger  urn:newsml:reuters.com:*:nL1N2IQ33Y
    ** Post merger, Innoviz will trade on Nasdaq under the
symbol "INVZ"
    ** Deal values INVZ at $1.4 bln; gross proceeds to INVZ will
be $350 mln
    ** INVZ, which has a supply deal with BMW  BMWG.DE , makes
lidar sensors that use laser light pulses to produce images of
environment around the car
    ** A SPAC is a shell company that raises money through an
initial public offering to buy an operating entity, typically
within two years


 (Reporting by Sohini Podder in Bengaluru)
 ((Sohini.podder@thomsonreuters.com))