May 26 (Reuters) - ECARX Holdings Inc said on Thursday it would go public through a merger with a blank-check firm in a deal that values the automobile technology company at $3.82 billion.
The deal with COVA Acquisition Corp (COVA.O) includes a $45 million investment from mobility tech company Geely Holding Group, lidar sensor maker Luminar Technologies Inc and automotive company Lotus Technology.
It is also supported by $300 million raised by COVA Acquisition in its initial public offering (IPO) in February last year.
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With facilities in China and Europe, ECARX focuses on technology used in car chips, high-definition maps and smart vehicles. The company was founded by Ziyu Shen, its chief executive officer, and Li Shufu, Geely's chairman, in 2017.
A blank-check firm, or a special purpose acquisition company (SPAC), is a listed shell entity that uses the money raised in its IPO to merge with a private company, taking it public in the process.
Chinese listings in the United States have been frozen for months, as Beijing and U.S. regulators have been locked in a dispute over the latter's demand for complete access to the books of U.S-listed Chinese companies.
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Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Vinay Dwivedi
Our Standards: The Thomson Reuters Trust Principles.
Car tech firm ECARX to go public in $3.8 bln blank-check deal - Reuters.com
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