Valens, a provider of high-speed connectivity solutions for the audio-video and automotive markets, and PTK Acquisition today announced they have entered into a definitive business combination agreement that values the combined company at $1.16 billion.
The transaction of approximately $240 million includes up to $115 million in trust from PTK (assuming no redemptions) and $125 million in cash from a fully subscribed PIPE.
The transaction is expected to close in the fall. Valens will trade on the NYSE under VLN following the close, pending regulatory and shareholder approvals. Read more.
