REE Automotive and 10X Capital Venture Acquisition announced today they have entered into a merger agreement for a business combination that would result in REE becoming a publicly listed company trading on the Nasdaq under REE.
The transaction is expected to provide REE more than $500 million of gross proceeds. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International.
REE is an electric vehicle technology startup. Read more.
