Quanergy Systems, a supplier of self-driving car technology, is nearing a deal to go public through a merger with Chinese blank-check acquisition firm CITIC Capital Acquisition, Reuters reports, citing people familiar with the matter.
Quanergy would be the latest company developing LiDAR technology — which uses laser beams to help generate a three-dimensional map of the road — to turn to a SPAC to go public. Others that have done so include Peter Thiel-backed Luminar Technologies and AEye.
The SPAC deal would value Quanergy at $1.1 billion and could be announced as early as this week, the sources said. Read more.
