COVA Acquisition Corp. (COVA) Closes ECARX Holdings Deal
COVA Acquisition Corp. (NASDAQ:COVA) announced this morning that its shareholders have approved and closed its business combination with global mobility tech company ECARX Holdings during a special meeting held on Wednesday, December 14.
The SPAC disclosed in an 8-K last week that 29,379,643 shares were redeemed in connection with the meeting, removing 97.93% of the trust.
The parties were able to close the deal yesterday, December 20. The combined company will retain the ECARX name and its shares and warrants are expected to commence trading on NASDAQ under the symbols “ECX” and “ECXWW,” respectively, today.
COVA initially announced the $3.5 billion combination with ECARX on May 26, 2022. Hubai, China-based ECARX develops hardware and software solutions for the development of connected, automated and electrified mobility, which it supplies to the global automotive industry.
ECARX recorded $415 million in revenue in 2021 and its technology has been integrated into more than 3.7 million cars serving 12 OEM brands across Asia and Europe. Going forward, ECARX expects to continue delivering growth as it expands the number of cars served and increases the revenue per car through product rollouts and partnerships.
Advisors
- UBS AG Hong Kong Branch acted as joint financial advisor to ECARX.
- Morgan Stanley Asia Limited acted as joint financial advisor to ECARX.
- Skadden, Arps, Slate, Meagher & Flom acted as international legal counsel to ECARX.
- Cantor Fitzgerald & Co. acted as capital markets advisor to COVA Acquisition Corp.
- Orrick, Herrington & Sutcliffe LLP acted as its legal counsel.