HOD HASHARON, Israel and NEW
YORK, Sept. 29, 2021
/PRNewswire/ -- Valens Semiconductor, Ltd. ("Valens"), a premier
provider of high-speed connectivity solutions for the audio-video
and automotive markets, and PTK Acquisition Corp. (NYSE: PTK)
("PTK"), a special purpose acquisition company, today announced the
completion of their previously announced business combination (the
"Business Combination"). The combined company will be called Valens
and expects its common stock and public warrants to begin trading
under the ticker symbols "VLN" and "VLNW", respectively, on the New
York Stock Exchange (NYSE) on September 30,
2021. The Business Combination was approved at a special
meeting of PTK stockholders on September 28,
2021.
"As the leader in high-speed digital connectivity, Valens'
transition to the public markets marks an important milestone in
our corporate journey and enhances our ability to expand our
high-speed, reliable connectivity solutions to several large and
fast-growing markets," said Gideon
Ben-Zvi, CEO of Valens. "Valens' chipsets are already
embedded in Daimler Mercedes-Benz vehicles, and our technology was
selected as the baseline for the new automotive standard for
high-speed in-vehicle connectivity. Becoming a public company
provides us with new sources of capital to accelerate our growth
and advance our position as a leading global provider of
semiconductors for high-speed connectivity solutions for the
automotive, audio-video, and other adjacent markets."
"We are proud to partner with Gideon
Ben-Zvi and the Valens Semiconductor team as the company
moves forward as a public company," said Peter Kuo, CEO and Director of PTK. "As a
pioneer in technologies set to define the future of
connectivity, Valens is very well positioned for long-term
success."
Valens technology addresses the need for next generation
high-speed, high-bandwidth, error-free, 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 increasing
number of in-vehicle sensors, cameras and infotainment displays.
Valens' superior technology is validated by leading OEMs,
automotive Tier-1 suppliers, and strategic investors. In
audio-video, Valens invented HDBaseT technology, which quickly
became the leading industry standard for long-reach digital
connectivity.
Transaction Overview
On May 25, 2021, Valens announced
the Business Combination with PTK in a transaction valued at
approximately $1.1 billion. The
transaction ultimately generated approximately $155
million of gross proceeds from the cash held in trust after
PTK stockholder redemptions and the private investment in public
equity (PIPE) by leading institutional and strategic investors. The
proceeds will be used to accelerate development and
commercialization of Valens' next-generation products and to fully
fund the company through profitability.
Valens' senior management team will continue to lead the
company, headed by Gideon Ben-Zvi, Chief Executive
Officer.
About Valens
Valens is a leading provider of semiconductor products, pushing
the boundaries of connectivity by enabling long-reach,
high-speed video and data transmission for the audio-video and
automotive industries. Valens' Emmy® 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-enabled products. Valens
Automotive is a key enabler of the evolution of autonomous driving,
providing chipsets that are on the road in vehicles around the
world. The underlying technology has been selected to become the
basis for MIPI A-PHY, the global standard for automotive
connectivity. Founded in 2006, Valens is based in Hod
Hasharon, Israel, with offices in the
US, Europe and Asia. For more information:
www.valens.com.
About PTK Acquisition Corp.
PTK Acquisition Corp. is a blank check company formed for the
purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with
one or more businesses. With extensive operational and investment
experience in the hardware and semiconductor industries, the PTK
management team leverages global market relationships to tap into
synergies across the electronics and automotive value chain. PTK
Acquisition Corp. targets companies that focus on the most
innovative subsectors within corporate and institutional
information technology, hardware and software systems, and markets
for the consumer-oriented gaming and digital entertainment. For
more information: www.ptktech.com.
Forward-Looking Statements
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 may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
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 Valens' and PTK's
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual 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
relating to the uncertainty of the projected financial information
with respect to Valens; future global, regional or local economic
and market conditions; the development, effects and enforcement of
laws and regulations; Valens' ability to manage future growth;
Valens' ability to develop new products and solutions, bring them
to market in a timely manner, and make enhancements to them; the
effects of competition on Valens' future business; the ability of
the combined company to issue equity or equity-linked securities in
the future; the outcome of any potential litigation, government and
regulatory proceedings, investigations and inquiries; the effects
of health epidemics, such as the recent global COVID-19 pandemic,
have had and could in the future have on Valens' revenue, its
employees and results of operations; the cyclicality of the
semiconductor industry; Valens' ability to adjust its supply chain
volume due to changing market conditions or failure to estimate its
customers' demand, including during any downturn in the automotive
or audio-video markets; disruptions in relationships with any one
of Valens' key customers; difficulty selling products if customers
do not design Valens products into their product offerings; Valens'
dependence on winning selection processes and ability to generate
timely or sufficient net sales or margins from those wins;
political conditions in Israel;
and those factors discussed in Valens' registration
statement/prospectus filed with the SEC on August 30, 2021 under the heading "Risk Factors,"
and other documents of PTK filed, or to be filed, with the SEC. If
any of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that Valens does not presently know or that Valens currently
believes are immaterial that could also cause actual results to
differ from those contained in the 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' assessments to change. However,
while Valens may elect to update these forward-looking statements
at some point in the future, Valens specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing Valens' assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Valens Investor Contacts:
Matthew Keating, CFA
Financial Profiles, Inc.
US: +1 310-622-8230
ValensIR@finprofiles.com
Larry Clark, CFA
Financial Profiles, Inc.
U.S.: +1 310-622-8223
ValensIR@finprofiles.com
Julie Kegley
Financial Profiles, Inc.
U.S.: +1 310-622-8246
ValensIR@finprofiles.com
PTK Acquisition Corp. Investor Contacts:
Ker Zhang
Secretary and Director
kerzhang@ptktech.com
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SOURCE Valens Semiconductor
