DETROIT and TEL AVIV, Israel, May
7, 2021 /PRNewswire/ -- American Axle &
Manufacturing Inc. (AAM) [NYSE: AXL], a leading global Tier 1
automotive supplier of driveline and metal forming technologies,
and REE Automotive ("REE"), a leader in e-Mobility, today announce
that the companies have agreed to jointly develop an exciting new
electric propulsion system for e-Mobility. REE is in the process of
merging with 10X Capital Venture Acquisition Corp ("10X SPAC")
(NASDAQ:VCVC), a special purpose acquisition company, to become a
publicly listed company.
Pursuant to the recently signed agreement, the parties intend to
leverage AAM's system integration capabilities and focus on NVH
(noise, vibration and harshness) reduction to incorporate AAM's
lightweight and efficient next generation electric drive units,
which feature fully integrated high-speed motors and inverter
technology, into REE's highly modular and disruptive
REEcorner™ technology that enables a fully-flat
EV chassis for multiple commercial vehicle applications. The
REEcorner integrates critical vehicle components (steering,
braking, suspension, powertrain and control) into the area between
the chassis and the wheel to deliver significant functional and
economic advantages. The electric drive units will be
developed at AAM's Advanced Technology and Development
Center in Detroit with
delivery of prototypes planned by the end of 2021.
"We are very excited to partner with REE to bring new
e-Mobility technologies to the market," said David C. Dauch, AAM Chairman and Chief Executive
Officer. "This agreement to provide electric drive technology for
use in REEcorners is an important step in growing AAM's
electric propulsion business and expanding the addressable market
for AAM's newest product offerings. We believe that joining forces
with an advanced technology company like REE will accelerate AAM on
a path to deliver e-Mobility solutions to the market."
"We are delighted to collaborate with AAM on this
groundbreaking concept," said Daniel
Barel, Co-Founder and CEO of REE Automotive. "AAM's modular
drive solutions enhance our product offering with a
highly compact form factor that will enable more design
freedom and functionality for our future customers. Together
with AAM's extensive knowledge in automotive and their global
manufacturing presence, we will be able to push the REEcorner
technology even further."
About AAM
AAM (NYSE: AXL) delivers POWER
that moves the world. As a leading global Tier 1 automotive
supplier, AAM designs, engineers and manufactures driveline and
metal forming technologies that are making the next generation of
vehicles smarter, lighter, safer and more efficient. Headquartered
in Detroit, AAM has approximately
20,000 associates operating at nearly 80 facilities in 17 countries
to support our customers on global and regional platforms with a
focus on quality, operational excellence and technology leadership
To learn more, visit www.aam.com.
Forward-Looking Statements
This release contains forward-looking statements and other
information relating to matters that are not historical facts.
These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by these statements. These risks
and uncertainties include uncertainty around the duration and
effects of the COVID-19 pandemic, and the factors detailed from
time to time in the reports we file with the SEC, including those
described under "Risk Factors" in AAM's Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q. These forward-looking
statements speak only as of the date of this report. AAM expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement contained herein to
reflect any change in our expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based.
About REE Automotive
REE is an automotive
technology leader creating the cornerstone for tomorrow's
zero-emission vehicles. REE is in the process of merging with 10X
Capital Venture Acquisition Corp ("10X SPAC") (NASDAQ:VCVC), a
special purpose acquisition company, in its process to become a
publicly listed. REE's mission is to empower global mobility
companies to build any size or shape of electric or autonomous
vehicle – from class 1 through class 6 – for any application and
any target market. REE's revolutionary, award-winning
REEcorner technology packs traditional vehicle drive components
(steering, braking, suspension, powertrain and control) into the
area between the chassis and the wheel, allowing for the
industry's flattest EV platform. Unrestricted by legacy thinking,
REE is a truly horizontal player, with technology applicable to the
widest range of target markets and applications. Fully scalable and
completely modular, REE offers multiple customer benefits including
complete vehicle design freedom, more space and volume with the
smallest footprint, lower TCO, faster development times, ADAS
compatibility, reduced maintenance and global safety standard
compliance.
Headquartered in Tel Aviv,
Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light
manufacturing model that leverages its Tier 1 partners' existing
production lines. REE's technology, together with their unique
value proposition and commitment to excellence, positions the
company to break new ground in e-Mobility.
For more information visit www.ree.auto
About 10X CAPITAL
10X Capital is a venture capital and investment firm at the
nexus of Wall Street with Silicon Valley, aligning institutional
capital with high growth ventures. Founded in 2004 by serial
entrepreneur Hans Thomas, 10X
Capital invests across the capital structure, with a focus on
companies using technology to disrupt major industries, including
finance, healthcare, transportation and real estate. For more
information visit www.10xcapital.com. 10X Capital Venture
Acquisition Corp (Nasdaq: VCVC), is 10X Capital's Special Purpose
Acquisition Company, focused on high growth technology companies,
and was formed for the purpose of entering into a business
combination with one or more businesses. For more information
visit www.10xspac.com.
Contacts:
American Axle & Manufacturing (AAM):
Media Contact
Christopher M.
Son
Vice President, Marketing & Communications | AAM
(313) 758-4814
chris.son@aam.com
Investor Contact
David H.
Lim
Head of Investor Relations | AAM
(313) 758-2006
david.lim@aam.com
REE Automotive:
Media Contact
Keren Shemesh
Chief Marketing Officer | REE Automotive
+972-54-5814333
kerens@ree.auto
Public Relations
media@ree.auto
Investor Relations
investors@ree.auto
Additional Information
This communication is being made in respect of the proposed
transaction involving REE Automotive Ltd. ("REE") and 10X Capital
Venture Acquisition Corp ("10X SPAC"). This communication does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction. In
connection with the proposed transaction, REE has filed with the
Securities and Exchange Commission ("SEC") a registration statement
on Form F-4 that includes a proxy statement of 10X SPAC in
connection with 10X SPAC's solicitation of proxies for the vote by
10X SPAC's shareholders with respect to the proposed transaction
and other matters as may be described in the registration
statement. REE and 10X SPAC also plan to file other documents with
the SEC regarding the proposed transaction and a proxy
statement/prospectus will be mailed to holders of shares of 10X
SPAC's Class A ordinary shares. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND
THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION
AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy
statement/prospectus, as well as other filings containing
information about REE and 10X SPAC will be available without charge
at the SEC's Internet site (http://www.sec.gov). Copies of the
proxy statement/prospectus can also be obtained, when available,
without charge, from REE's website at https://ree.auto/. Copies of
the proxy statement/prospectus can be obtained, when available,
without charge, from 10X SPAC's website
https://www.10xspac.com/.
Participants in the Solicitations
REE, 10X SPAC and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitation of proxies from 10X SPAC's shareholders in connection
with the proposed transaction. You can find more information about
10X SPAC's directors and executive officers in 10X SPAC's final
prospectus dated November 24, 2020
and filed with the SEC on November 25,
2020. Additional information regarding the participants in
the proxy solicitation and a description of their direct and
indirect interests will be included in the proxy
statement/prospectus when it becomes available. Shareholders,
potential investors and other interested persons should read the
proxy statement/prospectus carefully when it becomes available
before making any voting or investment decisions. You may obtain
free copies of these documents from the sources indicated
above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act, or an exemption
therefrom.
Caution About Forward-Looking Statements
This communication includes forward-looking statements. These
forward-looking statements are based on REE's and 10X SPAC's
expectations and beliefs concerning future events and involve risks
and uncertainties that may cause actual results to differ
materially from current expectations. These factors are difficult
to predict accurately and may be beyond REE's and 10X SPAC's
control. Forward-looking statements in this communication or
elsewhere speak only as of the date made. New uncertainties and
risks arise from time to time, and it is impossible for REE or 10X
SPAC to predict these events or how they may affect REE or 10X
SPAC. Except as required by law, neither REE nor 10X SPAC has any
duty to, and does not intend to, update or revise the
forward-looking statements in this communication or elsewhere after
the date this communication is issued. In light of these risks and
uncertainties, investors should keep in mind that results, events
or developments discussed in any forward-looking statement made in
this communication may not occur. Uncertainties and risk factors
that could affect REE's and 10X SPAC's future performance and cause
results to differ from the forward-looking statements in this
release include, but are not limited to: the occurrence of any
event, change or other circumstances that could give rise to the
termination of the business combination; the ability to bring to
market New Electric Propulsion System for e-Mobility in
accordance with the AAM/REE Agreement and realize the other goals
and targets described in this press release; the outcome of any
legal proceedings that may be instituted against REE or 10X SPAC,
the combined company or others following the announcement of the
business combination; the inability to complete the business
combination due to the failure to obtain approval of the
shareholders of 10X SPAC or to satisfy other conditions to closing;
changes to the proposed structure of the business combination that
may be required or appropriate as a result of applicable laws or
regulations; the ability to meet stock exchange listing standards
following the consummation of the business combination; the risk
that the business combination disrupts current plans and operations
of 10X SPAC or REE as a result of the announcement and consummation
of the business combination; the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and retain its management and key
employees; costs related to the business combination; changes in
applicable laws or regulations; REE's estimates of expenses and
profitability and underlying assumptions with respect to
shareholder redemptions and purchase price and other adjustments;
intense competition in the e-mobility space, including with
competitors who have significantly more resources; ability to grow
and scale REE's manufacturing capacity through new relationships
with Tier 1 suppliers; ability to maintain relationships with
current Tier 1 suppliers and strategic partners; ability to make
continued investments in REE's platform; the need to attract, train
and retain highly-skilled technical workforce; the impact of the
ongoing COVID-19 pandemic; changes in laws and regulations that
impact REE; ability to enforce, protect and maintain intellectual
property rights; and risks related to the fact that we are
incorporated in Israel and
governed by Israeli law; and other risks and uncertainties set
forth in the section entitled "Risk Factors" and "Cautionary Note
Regarding Forward-Looking Statements" in 10X SPAC's final
prospectus dated November 24, 2020
relating to its initial public offering and in subsequent filings
with the SEC, and in the registration statement on Form F-4
relating to the business combination filed by REE on March 10, 2021.
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SOURCE American Axle & Manufacturing Holdings, Inc.