Quanergy Systems Inc Is Nearing SPAC Deal To Go Public: Report

- Advertisement -
  • Quanergy would be the latest company developing LiDAR technology that uses laser beams to help generate a three-dimensional map of the road
  • CCAC raised around $240 million in an IPO on the New York Stock Exchange in February 2020. It is sponsored by CITIC Capital Holdings Limited, which is backed by CITIC Group

As per a report by Reuters, Quanergy Systems Inc, a supplier of self-driving car technology, is nearing a deal to go public through a merger with Chinese blank-check acquisition firm CITIC Capital Acquisition Corp, people familiar with the matter said.Quanergy would be the latest company developing LiDAR technology that uses laser beams to help generate a three-dimensional map of the road – to turn to a so-called special purpose acquisition company (SPAC) to go public

The report added that sources said that the SPAC deal would value Quanergy at $1.1 billion and could be announced as early as this week. The sources requested anonymity because the negotiations are confidential. Quanergy and CITIC did not immediately respond to requests for comment.

CITIC would keep its stake in the company below 10 per cent

- Advertisement -

CCAC raised around $240 million in an IPO on the New York Stock Exchange in February 2020. It is sponsored by CITIC Capital Holdings Limited, which is backed by CITIC Group. The company was preparing to file for clearance of the deal with the Committee on Foreign Investment in the United States (CFIUS), a national security panel that scrutinizes foreign investment as per one of the sources.

The report added that Quanergy expects CFIUS would greenlight the deal because CITIC would keep its stake in the company below 10 per cent, and Quanergy was not engaged in the recording of any personal driver data, the source added. No Quanergy shareholder would sell shares in the deal. Net cash proceeds held by the combined company were estimated to be about $278 million, according to the sources. They would be used to fund its operational growth and for general corporate purposes. Quanergy shareholders would own about 72 per centof the combined company, while SPAC shareholders would own around 20 per cent, with most of the remainder going to outside investors.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Indian Automobile Industry Value Surges 19% In FY 2023-24

0
India's vehicle production grew by 10%, with a 19% increase in value.  The UV + SUV segment saw the highest growth, with a 23% rise...

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Breathing Through “First-Time Silicon Success”

0
No one is born a leader, but the choices we make in life propel us to become a leader. For Chitra Hariharan, an innocent...

Buzz

Vitesco Debuts Single-Module Rotor Lock Actuator For EVs

0
Integration of park lock, rotor position sensing, and brush system into a single module for electric axles simplifies design, reduces space requirements, and lowers...

Indian Automobile Industry Value Surges 19% In FY 2023-24

0
India's vehicle production grew by 10%, with a 19% increase in value.  The UV + SUV segment saw the highest growth, with a 23% rise...

Goenka Green’s ElectroRide To Raise $10-15M In FY25, Expanding To 4Ws

0
Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25...

Important Sectors

Vitesco Debuts Single-Module Rotor Lock Actuator For EVs

0
Integration of park lock, rotor position sensing, and brush system into a single module for electric axles simplifies design, reduces space requirements, and lowers...

Goenka Green’s ElectroRide To Raise $10-15M In FY25, Expanding To 4Ws

0
Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25...

MAHLE Launches X30 Drive System For Electric Bikes

0
The system maintains compatibility with all components, accessories, and the digital ecosystem of the existing X20 system. MAHLE SmartBike Systems has unveiled its X30 drive...

MeitY Plans Billion-Dollar Subsidy Scheme For Component Manufacturing

0
Reports indicate that the Government will offer subsidies for lands obtained to manufacture electronics components in categories where the investment-to-output ratio is not high. The...

Government Revamps PLI Scheme To Boost Telecom Manufacturing

0
The government revamps the PLI scheme for the telecom sector, boosting exports and incorporating more MSMEs, with increased allocation from Rs 1,000 crore to...

Manufacturing

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...