Collective Growth Corporation Announces Final Results of Stockholder Vote to Approve Business Combination
02 April 2021 - 7:35AM
Collective Growth Corporation (NASDAQ: CGRO), a US publicly-traded
special purpose acquisition company, today announced that on March
31, 2021, its stockholders voted to approve the previously
announced business combination with Innoviz Technologies Ltd., a
technology leader of high-performance, solid-state LiDAR sensors
and perception software, at Collective Growth’s special meeting of
stockholders. An aggregate of 891,046 shares of Class A
common stock of Collective Growth were submitted for redemption by
public stockholders in connection with the vote. Collective
Growth intends to disclose the final voting results on a Current
Report on Form 8-K to be filed with the Securities and Exchange
Commission promptly.
The transaction is expected to close promptly after
confirmation that all closing conditions have been satisfied.
Upon completion of the transaction, the combined company will
retain the Innoviz Technologies Ltd. name and its ordinary shares
are expected to be listed on the Nasdaq Stock Market under the
ticker symbol “INVZ.”
About Innoviz Technologies Innoviz
is a leading manufacturer of high-performance, solid-state LiDAR
sensors and perception software that enable the mass production of
autonomous vehicles. Innoviz’s offerings include InnovizOne, an
automotive-grade, mass-producible LiDAR sensor, InnovizTwo, next
generation high-performance automotive-grade LiDAR sensor, and
Innoviz’s perception software, designed to complement its hardware
offerings with advanced AI and machine learning-based
classification, detection and tracking features. Innoviz is backed
by top-tier strategic partners and investors, including SoftBank
Ventures Asia, Samsung, Magna International, Aptiv, Magma Venture
Partners, Vertex Ventures, 360 Capital Partners, Harel Insurance
Investments and Financial Services, Phoenix Insurance Company and
others. For more information, visit www.innoviz.tech.
About Collective Growth
Corporation Collective Growth Corporation is a blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses or
entities, which Collective Growth refers to as its initial business
combination. For more information, visit
www.collectivegrowthcorp.com.
Forward Looking Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the
proposed transaction between Innoviz Technologies Ltd. (“Innoviz”)
and Collective Growth Corporation (“Collective Growth”), including
statements regarding the anticipated timing of the transaction, the
services offered by Innoviz and the markets in which it operates,
and Innoviz’s projected future results. These forward-looking
statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this document, including but not
limited to: (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of Collective Growth’s securities, (ii) the risk that the
transaction may not be completed by Collective Growth’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by
Collective Growth, (iii) the failure to satisfy the conditions to
the consummation of the transaction, (iv) the lack of a third party
valuation in determining whether or not to pursue the proposed
transaction, (v) the occurrence of any event, change or other
circumstance that could give rise to the termination of the
business combination agreement, (vi) the effect of the announcement
or pendency of the transaction on Innoviz’s business relationships,
performance, and business generally, (vii) risks that the proposed
transaction disrupts current plans of Innoviz and potential
difficulties in Innoviz employee retention as a result of the
proposed transaction, (viii) the outcome of any legal proceedings
that may be instituted against Innoviz or against Collective Growth
related to the business combination agreement or the proposed
transaction, (ix) the ability of Innoviz to list its ordinary
shares on the Nasdaq, (x) the price of Innoviz’s securities may be
volatile due to a variety of factors, including changes in the
competitive and highly regulated industries in which Innoviz plans
to operate, variations in performance across competitors, changes
in laws and regulations affecting Innoviz’s business and changes in
the combined capital structure, and (xi) the ability to implement
business plans, forecasts, and other expectations after the
completion of the proposed transaction, and identify and realize
additional opportunities. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the registration
statement on Form F-4 and proxy statement/prospectus filed by the
parties in connection with the proposed transaction. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Innoviz and Collective Growth assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither Innoviz nor Collective Growth gives any
assurance that either Innoviz or Collective Growth will achieve its
expectations.
This communication is not intended to be
all-inclusive or to contain all the information that a person may
desire in considering in an investment in Innoviz or Collective
Growth and is not intended to form the basis of an investment
decision in either company. All subsequent written and oral
forward-looking statements concerning Innoviz and Collective
Growth, the proposed transactions or other matters and attributable
to Innoviz and Collective Growth or any person acting on their
behalf are expressly qualified in their entirety by the cautionary
statements above.
Contact Information
Innoviz Media@innoviz-tech.com
Investors@innoviz-tech.com
Collective Growth Corporation Wilson Kello
info@collectivegrowthcorp.com
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