“As a leader in high-speed digital connectivity, Valens’ transition to public procurement marks an important step in our business journey and enhances our ability to extend our high-speed and reliable connectivity solutions to several important markets. and fast growing. ” noted Gideon Ben-Zvi, CEO of Valens. “Valens chipsets are already integrated into Daimler Mercedes-Benz vehicles, and our technology has been selected as the benchmark for the new automotive standard for high-speed connectivity in vehicles. Becoming a public company provides us with new sources of capital to accelerate our growth and advance our position as a leading global supplier of semiconductors for high-speed connectivity solutions for the automotive, audio-video and other markets. adjacent. ”
“We are proud to partner with Gideon Ben-Zvi and the Valens Semiconductor team as the company evolves as a public enterprise, ”said Peter Kuo, CEO and Director of PTK. “As a pioneer in technologies designed to define the future of connectivity, Valens is uniquely positioned for long-term success.
Valens technology addresses the need for next-generation high-speed, high-bandwidth, error-free and long-range connectivity in environments where performance and cost are critical.
In automotive, Valens’ technology supports the complex car of the future by providing seamless connectivity for the growing number of on-board infotainment sensors, cameras and displays. Valens’ superior technology is validated by major OEMs, Tier 1 automotive suppliers and strategic investors. In audio-video, Valens invented HDBaseT technology, which quickly became the leading industry standard for long-range digital connectivity.
Overview of transactions
At May 25, 2021, Valens announced the Business Combination with PTK in a transaction valued at approximately $ 1.1 billion. The transaction ultimately generated roughly $ 155 million in gross proceeds from cash held in trust following PTK shareholder buybacks and private equity investment (PIPE) by leading institutional and strategic investors. The proceeds will be used to accelerate the development and commercialization of new generation Valens products and to fully fund the company through its profitability.
The Valens management team will continue to lead the company, led by Gideon Ben-Zvi, Managing Director.
Valens is a leading supplier of semiconductor products, pushing the boundaries of connectivity by enabling high-speed, long-range video and data transmission for the audio-video and automotive industries. Emmy de Valens® Award-winning HDBaseT technology is the leading standard in the professional audio-video market with tens of millions of Valens chipsets integrated into thousands of HDBaseT compatible products. Valens Automotive is a key catalyst in the evolution of autonomous driving, delivering chipsets that are on the road in vehicles around the world. The underlying technology was selected to become the basis for MIPI A-PHY, the global standard for automotive connectivity. Founded in 2006, Valens is headquartered in Hod Hasharon, Israel, with offices in the United States, Europe and Asia. For more information: www.valens.com.
About PTK Acquisition Corp.
PTK Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. With extensive operational and investment experience in the hardware and semiconductor industries, PTK’s leadership team leverages global market relationships to harness synergies across the electronics value chain. and automotive. PTK Acquisition Corp. targets companies that focus on the most innovative sub-sectors in corporate and institutional information technology, hardware and software systems, and consumer-driven digital entertainment and games markets. For more information: www.ptktech.com.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “estimate”, “Plan”, “plan”, “foresee”, “intend”, “expect”, “anticipate”, “anticipate”, “believe”, “seek”, “target” or other expressions similar which predict or indicate future events or trends or which are not statements of historical fact. These forward-looking statements include, without limitation, statements regarding the anticipated transaction and future economic and market conditions. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Valens and PTK and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to be used as, and should not be relied upon by any investor as, a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many real events and circumstances are beyond the control of Valens and PTK. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the proposed business combination; risks related to the uncertainty of forecast financial information concerning Valens; future global, regional or local economic and market conditions; the development, effects and application of laws and regulations; the ability of Valens to manage future growth; Valens’ ability to develop new products and solutions, bring them to market in a timely manner and improve them; the effects of competition on the future business of Valens; the ability of the combined company to issue shares or equity-linked securities in the future; the outcome of any potential litigation, government and regulatory proceedings, investigation and investigation; the effects of health epidemics, such as the recent global COVID-19 pandemic, have had and may have in the future on Valens’ sales, workforce and operating results; the cyclicality of the semiconductor industry; Valens’ ability to adjust the volume of its supply chain due to changing market conditions or the inability to estimate customer demand, including in the event of a downturn in automotive markets or audio-video; disruptions in relations with one of Valens’ main customers; difficulty in selling products if customers do not integrate Valens products into their product offerings; Valens’ dependence on the winner selection processes and its ability to generate timely or sufficient net sales or margins from those gains; political conditions in Israel; and the factors discussed in Valens’ registration statement / prospectus filed with the SEC on August 30, 2021 under “Risk Factors” and other PTK documents filed or to be filed with the SEC. If any of these risks materialize or if our assumptions prove to be incorrect, actual results could differ materially from the results suggested by these forward-looking statements. There may be additional risks that Valens is not currently aware of or that Valens currently believes are immaterial, which could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements reflect Valens’ expectations, plans or forecasts of future events and views as of the date of this press release. Valens anticipates that subsequent events and developments will cause Valens’ valuations to change. However, although Valens may choose to update these forward-looking statements at some time in the future, Valens expressly disclaims any obligation to do so. These forward-looking statements should not be taken as representing Valens’ assessments as of a date subsequent to the date of this press release. Therefore, one should not place undue reliance on forward-looking statements.
Valens Investor Contacts:
Matthew Keating, CFA
Financial Profiles, Inc.
United States: +1 310-622-8230
Larry clark, CFA
Financial Profiles, Inc.
United States: +1 310-622-8223
Financial Profiles, Inc.
United States: +1 310-622-8246
Investor contacts of PTK Acquisition Corp. :
Secretary and director
SOURCE Valens Semiconductor