![]() It's also believed that this financing is a vote of confidence in ECARX's market position and will facilitate the automotive industry development, eventually transforming vehicles into seamlessly integrated information, communications and transportation devices. Ziyu Shen, CEO and Chairman of ECARX, claimed that the financing agreement brings the company one step closer to entering the public market listing. Over the past three years, ECARX's technology has been integrated into more than 3.2 million cars worldwide and the company has grown to over 2,000 team members, with facilities in China and Europe. Moreover, ECARX announced its merger with COVA Acquisition Corp on May 26, 2022.ĮCARX, co-founded in 2017 by the founder of Geely Holding Eric Li and Ziyu Shen, is an automotive intelligence company specializing in developing a full-stack automotive computing platform. ![]() In addition to this USD 65 million convertible note financing, the company previously raised USD 45 million successfully from strategic partners Geely Holdings Group (Chinese:吉利控股集团) and Luminar, as well as convertible note holders Lotus Technology (Chinese:路特斯科技). The funds raised will be used for R&D, product development, strategic acquisitions and investments, and global expansion, ultimately enhancing the company's competitiveness. The convertible notes are expected to be mature in 2025. The 65 million convertible note financing adds to the Company’s 45 million in capital raised from strategic partners, Geely Holding Group and Luminar, and convertible note holder Lotus Technology, which was announced concurrently with the merger agreement entered into on between ECARX and COVA Acquisition Corp. ![]() (hereinafter referred to as ECARX) (Chinese: 亿咖通) has reached an agreement with SPDB International Holdings Limited and CNCB (Hong Kong) Investment Limited to secure a USD 65 million senior convertible note financing investment. Another Geely EV unit, Polestar (PSNY), went public in June through a merger deal with SPAC Gore Guggenheim that valued the combined company at around $20B.ĬOVA went public in February 2021, raising $300M.Recently, ECARX Co., Ltd. Geely also owns EV maker Zeekr, which recently filed for a $1B initial public offering. Luminar CEO Austin Russell told Reuters that the California-based startup will be investing 15 million in ECARX in a bid to break into the Chinese car market, the worlds biggest, and tap. The EV tech developer counts around a dozen OEM auto brands as clients, including Mercedes-Benz (OTCPK:MBGAF) (OTCPK:MBGYY) and Geely lines Lotus and Proton, along with Mercedes/Geely venture Smart. In November, ECARX announced it had also entered into an agreement with SPDB International and CNCB Investment for $65M in convertible senior notes due 2025.ĮCARX was co-founded by Eric Li, chairman and founder of Geely Holdings, and Ziyu Shen. The deal was expected to generate proceeds of $300M in cash plus $45M in additional capital from strategic partners Geely (OTCPK:GELYF) and Luminar (LAZR) and convertible note holder Lotus Technology. The stock closed at $10.55 on Tuesday, the last session before the merger was completed.ĬOVA and ECARX announced plans to merge in May through a deal that estimated the pre-money equity value of ECARX at $3.4B. The stock closed at $9 on Thursday.ĮCARX shares debuted on Wednesday, ending their first session slightly higher at $10.75. Shares of ECARX opened at $9.15, sliding to a low of $7.56 in early trading before climbing to a high of $10.39 mid-morning. (COVA), which is backed by the chairman of Chinese auto giant Geely. ![]() Newly public EV technology developer ECARX (NASDAQ:ECX) stock dropped 16% Thursday in the wake of its $3.8B merger with SPAC COVA Acquisition Corp. ![]()
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