Self-Driving Tech Startup Aeva Going Public Through SPAC InterPrivate
02 Novembre 2020 - 4:39PM
Dow Jones News
By Colin Kellaher
Aeva Inc., a self-driving technology startup backed by German
automaker Porsche SE, on Monday unveiled plans to go public by
combining with blank-check company InterPrivate Acquisition
Corp.
The deal, which gives the combined company an estimated
post-transaction equity value of about $2.1 billion, will provide
Aeva with $363 million in gross proceeds, including InterPrivate's
$243 million held in trust and a $120 million from a private
placement that will include investments from Porsche and Adage
Capital.
The companies said Aeva's current investors, which also include
Lux Capital, Canaan Partners and Lockheed Martin Corp., will retain
their equity holdings and own about 80% of the combined
company.
Aeva puts sensor components on small chips in a bid to reduce
the size and cost of roof rack-style lidar sensors, which help cars
drive autonomously by bouncing lasers off objects to create a 3-D
view of the world. Porsche SE, which houses automakers such as
Volkswagen AG, Porsche AG and Audi AG, acquired a minority stake in
the Mountain View, Calif., startup last year.
Aeva, founded in 2017 by a pair of former Apple Inc. engineers,
will remain listed on the New York Stock Exchange under the symbol
AEVA upon completion of the transaction, expected in the first
quarter of 2021.
InterPrivate, a special-purpose acquisition company, completed
its $240 million initial public offering in February.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 02, 2020 10:24 ET (15:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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