WayRay, a developer of holographic car displays that’s backed by Porsche AG and Alibaba Group Holding, is considering a listing through a blank-check firm, Bloomberg reports, citing people familiar with the matter said.
The Swiss company is working with advisers to explore a merger with a SPAC. WayRay is considering seeking a valuation of about $2 billion in any deal, sources told the news organization.
WayRay has raised more than $100 million in funding since its founding in 2012. The company had previously said that it aims to become a unicorn — achieving a valuation of $1 billion or more — by the end of 2019. Its investors include luxury carmaker Porsche, which has teamed up with WayRay on automotive innovation, as well as Chinese e-commerce operator Alibaba, South Korean carmaker Hyundai Motor, China Merchants Capital and a consortium of sovereign wealth funds. Read more.
