Here’s everything investors in INVZ stock need to know now that the SPAC merger is complete.
- Innoviz and Collective Growth initially announced plans for the SPAC merger back in mid-December.
- The merger sets Innoviz up with $371 million in gross proceeds.
- That includes $141 million of cash held in trust by Collective Growth.
- The other $230 million comes from a private investment in public equity (PIPE).
- Investors in the PIPE include Phoenix Insurance, Magna International (NYSE:MGA), Antara Capital, and other institutional investors.
- Innoviz is a LiDAR technology working toward the acceleration of the autonomous vehicle market.
- It’s expecting its technology to first see use in consumer vehicles.
- The company signed an agreement with BMW that will have it supplying LiDAR tech for its fully electric iX autonomous car program.
- Innoviz also has the backing of SoftBank (OTCMKTS:SFTBY) Ventures Asia, Samsung, Magna International, Aptiv (NYSE:APTV), Magma Venture Partners, and others.
- INVZ was founded in 2016 and operates out of its headquarters in Tel Aviv, Israel.
Omer Keilaf, co-founder and CEO of Innoviz, said this about today’s news boosting INVZ stock up.
“This is a pivotal moment for the Innoviz team and a historic one for the industry at large. The growing demand from customers in Europe, the U.S., and the Asia Pacific and our growing backlog attest to our significant commitment. Becoming a publicly traded company puts Innoviz on the path to global leadership in the autonomous driving space worldwide, among others.”
INVZ stock was up 11% as of Tuesday morning.
Innoviz isn’t the only company seeing major movement today on news.
There’s plenty of other companies on the move as the stock market remains busy today. That includes the likes of Rotor Acquisition (NYSE:ROT), Scienjoy (NASDAQ:SJ), and Romeo Power (NYSE:RMO). Investors can catch up on the latest news from these companies below.
More Tuesday Stock News
- ROT Stock: 5 Things to Know About Rotor and the Sarcos Robotics SPAC Merger
- NFT Stocks: SJ Stock Soars on Scienjoy-Snipp Plans for NFT-Focused Loyalty and Rewards Programs
- RMO Stock: The EV Battery Deal That Has Romeo Power Charging Higher
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.