Valens Semiconductor and PTK Acquisition today announced the completion of their business combination.
Valens stock and warrants are expected to begin trading tomorrown on the NYSE under VLN and VLNW. The deal was approved Sept. 28 by the SPAC’s stockholders.
PTK in an 8-K filing disclosed that 8,507,237 shares were redeemed ahead of the vote. The SPAC had raised about $115 million in a July 2020 IPO.
When announced in May, the deal called for proceeds of approximately $240 million, including the $115 million in trust from PTK and $125 million in cash from a fully subscribed PIPE.
PTK has weathered a rocky year. The SPAC in a one-paragraph news release after the May 3 market close said its accounting firm included a note in the SPAC’s 10-K about its ability even to continue as a going concern.
Based in Israel, Valens provides high-speed connectivity solutions for the audio-video and automotive markets. Read more.