Innoviz Technologies and Collective Growth today announced plans to merge in a $350 million transaction.
Innoviz designs and manufactures laser sensors for autonomous vehicles.
The transaction is expected to provide up to $350 million in gross proceeds comprised of Collective Growth’s $150 million in cash, assuming no redemptions by stockholders, and a $200 million fully committed PIPE at $10 per share, led by Antara Capital and including strategic investments from Magna International, Innoviz’s Tier-1 partner, Phoenix Insurance and other institutional investors.
Following the targeted closing of the transaction in the first quarter of 2021, the combined company is expected to have an estimated equity value of approximately $1.4 billion and to be listed on the Nasdaq under “INVZ”. Read more.
