- 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
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.