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Valens Semiconductor and PTK Acquisition Corp. announced the completion of their business combination, creating a new public company named Valens. Trading under ticker symbols "VLN" and "VLNW" will commence on September 30, 2021. The deal, valued at approximately $1.1 billion, secured about $155 million in gross proceeds for Valens. CEO Gideon Ben-Zvi highlighted the enhanced growth potential in high-speed connectivity technology for automotive and audio-video markets. This merger positions Valens to leverage new investment capital for product development and market expansion.
Valens announced its participation in the Evercore ISI Autotech & AI Forum on September 22, 2021, at 10:15 a.m. EDT. CEO Gideon Ben-Zvi and CFO Dror Heldenberg will discuss the company's high-speed connectivity solutions. Valens, which plans to merge with PTK Acquisition Corp. (NYSE: PTK), will be listed under the symbol VLN post-transaction, expected in fall 2021. This merger aims to enhance Valens' position in the automotive and audio-video markets, leveraging its Emmy® award-winning technology.
Valens Semiconductor Ltd. announced Q2 2021 financial results, reporting revenue of $17.5 million, a 9.2% increase from Q2 2020. Gross profit was $12.5 million with a margin of 71.2%, down from 79.1% due to lower margins from increased automotive sales. The company achieved record bookings of $35.3 million, driving a book-to-bill ratio of 2.02. Valens raised its full-year revenue guidance to $69 million. A merger with PTK Acquisition Corp. is expected to close in fall 2021, providing up to $240 million in proceeds. Valens continues to expand its automotive presence with mass production of its VA6000 chipsets.
Valens announced its participation in the Oppenheimer 24th Annual Technology, Internet & Communications Conference on August 9, 2021, at 1:15 p.m. EDT. Valens' CEO Gideon Ben-Zvi and CFO Dror Heldenberg will present, alongside PTK Acquisition Corp.'s CEO Peter Kuo. This follows Valens' merger agreement with PTK, which aims to list Valens on the NYSE under the symbol 'VLN' by fall 2021, pending regulatory approval. Valens specializes in high-speed connectivity solutions, primarily in the audio-video and automotive sectors.
Valens, a leader in high-speed connectivity solutions, will present at the 5th Annual Needham Virtual Automotive Tech Conference on June 8, 2021, at 2:45 p.m. ET. The presentation will feature SVP Gideon Kedem. This follows Valens' merger agreement with PTK Acquisition Corp. (NYSE: PTK.U), which will lead to Valens being listed under the symbol 'VLN' on the NYSE. The transaction is expected to close in Fall 2021, subject to SEC approval. Valens specializes in semiconductor technology for automotive and audio-video markets, contributing to advancements in autonomous driving.
Valens and PTK Acquisition Corp. (NYSE: PTK.U) announced a definitive business combination agreement, resulting in Valens becoming a public company listed on the NYSE under the symbol 'VLN'. The deal, expected to close in Fall 2021, will provide approximately $240 million in gross proceeds, including $115 million in cash from PTK's trust account. Valens, a leader in high-speed connectivity solutions, has established its technology as the basis for major automotive standards, positioning itself for growth in the expanding automotive and audio-video markets.
