Trading on Nasdaq to commence on Friday July
23, 2021 under the ticker “REE”
REE Automotive Ltd. (“REE”), a leader in e-Mobility, today
announced the completion of its merger with 10X Capital Venture
Acquisition Corp (“10X”, Nasdaq: VCVC). The business combination
was approved at a special meeting of 10X’s stockholders on July 21,
2021 and closed today, July 22, 2021.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210722005968/en/
REE's REEcorner™ technology and
fully-flat and modular EV platform (Photo: Business Wire)
Following the merger, the combined company is named REE
Automotive Ltd. Beginning on Friday, July 23, 2021, REE’s Class A
ordinary shares and warrants will trade on Nasdaq under the ticker
symbols “REE” and “REEAW”, respectively.
Daniel Barel, REE Co-Founder and Chief Executive Officer,
stated: “Today marks a significant milestone for REE as we enter
the public markets with a tremendous opportunity ahead of us. We
believe that our REEcorner™ technology and fully-flat and modular
EV platforms will be the cornerstone for the booming commercial
electric vehicle market, as we partner with prominent EV market
players across the globe. We are rethinking design and
manufacturing for tomorrow’s zero-emission electric and autonomous
vehicles, ultimately working to improve quality of life for people
around the world by advancing e-Mobility. Our solutions will allow
complete EV design freedom, and we plan to enable end customers,
such as delivery & logistic companies, OEMs,
Mobility-as-a-Service and e-commerce companies to design
mission-specific EVs tailored to their needs.”
“OurREEcorner™ technology integrates critical vehicle components
including steering, braking, suspension, powertrain and control
into a compact module between the chassis and the wheel, using
x-by-wire technology for steering, driving & braking. This
innovation has enabled REE to develop a modular, fully-flat
skateboard chassis with more room for passengers, cargo and
batteries that will be highly adaptable to customers. Platforms
using REEcorners™ can fit any vehicle size and design, power-source
and driving mode, enabling REE to target a $700 billion total
addressable market and help OEMs, delivery fleets,
Mobility-as-a-Service providers and new mobility players get to
market faster and at a fraction of the cost.”
During 2021, REE has executed strategic collaborations with
industry leaders such as Magna International, Hino Motors (a
subsidiary of Toyota Motor Corporation), American Axle and Navya.
Recently, REE also forged a strategic collaboration with EAVX, a
newly formed business unit of JB Poindexter & Co (JBPCO), which
serves commercial work truck body and accessory industry leaders
including Morgan Corporation and Morgan Olson. REE and EAVX will
develop best-in-class, zero-emission, commercial EV work trucks for
existing and new customers that will integrate REEcorners™ and
JBPCO commercial vehicle body solutions, bringing ‘Powered by REE’
EVs to North American markets.
“Daniel and his leadership team have delivered on every promise
to 10X Capital, our investors, and REE’s stakeholders by
consistently executing on their business plan through significant
strategic collaborations with marquee partners across the world,”
said Hans Thomas, Chairman and Chief Executive Officer of 10X. “REE
has built extraordinary momentum – including last week’s
announcement with JBPCO – but more importantly, REE is prepared to
continue to deliver on its commitments as a public company, as its
CapEx-light, asset-light strategy positions the Company securely to
continue to execute on its long-term strategic objectives and
deliver long-term returns to shareholders.”
Long-term strategic investors including Koch Strategic Platforms
and Magna International participated in the business combination
PIPE investment. As previously announced, REE’s Co-Founder and
Chief Executive Officer, Daniel Barel, will continue to lead the
company.
Morgan Stanley & Co. LLC served as lead placement agent on
the PIPE offering. Cowen served as financial advisor to REE and as
a placement agent on the PIPE offering. Wells Fargo Securities
served as financial advisor, and Cohen & Company Capital
Markets (a division of JVB Financial LLC) served as capital markets
advisor to 10X. Cantor Fitzgerald, BTIG, DA Davidson and MKM
Partners served as capital markets advisors to REE. White &
Case LLP, Zemah Schneider & Partners, and Goldfarb Seligman
& Co. served as legal advisors to REE, and Morgan, Lewis &
Bockius LLP and Gornitzky & Co. served as legal advisors to
10X. Latham & Watkins LLP served as legal advisor to the
placement agents.
About REE
REE is an automotive technology leader creating the cornerstone
for tomorrow's zero-emission vehicles. 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. Our revolutionary, award-winning
REEcorner technology packs traditional vehicle drive components
(steering, braking, suspension, powertrain and control) into the
arch of 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 CapEx-light manufacturing model that
leverages its Tier 1 partners’ existing production lines. REE’s
technology, together with its unique value proposition and
commitment to excellence, positions REE 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 and 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.
Caution About Forward-Looking Statements
This communication includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts,
may be forward-looking statements. Words such as “may,” “will,”
“should,” “likely,” “anticipates,” “expects,” “intends,” “plan,”
“projects,” “believes,” “views,” “estimates”, “future”, “allow”,
“aims”, “strives” “endeavors” and similar expressions are used to
identify these forward-looking statements. These statements
include, among other things, the Company’s statements about the
Company’s strategic and business plans, relationships or outlook,
the impact of trends on and interest in its business, intellectual
property or product and its future results. These forward-looking
statements are based on REE’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 control. Forward-looking statements in this communication or
elsewhere speak only as of the date made and REE undertakes no
obligation to update its forward-looking statements, whether as a
result of new information, future developments or otherwise, should
circumstances change, except as otherwise required by securities
and other applicable laws. 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 future performance and cause results to
differ from the forward-looking statements in this release include,
but are not limited to: REE’s ability to commercialize its
strategic plan; REE’s ability to maintain and advance relationships
with current Tier 1 suppliers and strategic partners; development
of REE’s advanced prototypes into marketable products; REE’s
ability to grow and scale manufacturing capacity through
relationships with Tier 1 suppliers; REE’s estimates of unit sales,
expenses and profitability and underlying assumptions; REE’s
reliance on its UK Engineering Center of Excellence for the design,
validation, verification, testing and homologation of its products;
REE’s limited operating history; risks associated with plans for
REE’s initial commercial production; REE’s dependence on potential
suppliers, some of which will be single or limited source;
development of the market for commercial EVs; intense competition
in the e-mobility space, including with competitors who have
significantly more resources; risks related to the fact that the
Company is incorporated in Israel and governed by Israeli law;
REE’s ability to make continued investments in its platform; the
impact of the ongoing COVID-19 pandemic and any other worldwide
health epidemics or outbreaks that may arise; the need to attract,
train and retain highly-skilled technical workforce; changes in
laws and regulations that impact REE; REE’s ability to enforce,
protect and maintain intellectual property rights; REE’s ability to
retain engineers and other highly qualified employees to further
its goals; and other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in REE’s final prospectus relating to
its business combination filed with the U.S. Securities and
Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent
filings with the SEC. While the list of factors discussed above and
the list of factors presented in the final prospectus are
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210722005968/en/
Media Keren Shemesh Chief Marketing Officer | REE
Automotive +972-54-5814333 media@ree.auto Investor Relations
Limor Gruber VP Investor Relations | REE Automotive +972-50-5239233
investors@ree.auto
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