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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.
PTK Acquisition Corp. (NYSE American: PTK.U) disclosed an audit opinion regarding its financial statements for the fiscal year ending December 31, 2020, identifying a concern about the Company's ability to continue as a going concern. This does not alter the financial statements themselves. PTK Acquisition Corp. is a blank check company aiming to merge with target businesses, primarily in the high-tech industry in North America. The release also includes forward-looking statements that caution investors about inherent risks and uncertainties, including economic conditions and competition.
