Semilux International Ltd. and Taiwan Color Optics, Inc., a Taiwan-based provider of LiDAR and ADB components and solutions, together with Chenghe Acquisition Co. Announce Closing of Business Combination
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Insights
The completion of the business combination between Chenghe Acquisition Co., Taiwan Color Optics, Inc. and Semilux International Ltd. represents a strategic move in the burgeoning autonomous vehicle market. This sector is rapidly evolving with LiDAR (Light Detection and Ranging) and ADB (Adaptive Driving Beam) technologies being critical components for enabling advanced driver-assistance systems (ADAS) and autonomous driving capabilities.
The integration under Semilux is poised to leverage Taiwan's renowned semiconductor manufacturing capabilities, potentially leading to cost efficiencies and enhanced product quality. This could result in a competitive advantage within the industry, as the demand for reliable and cost-effective LiDAR and ADB solutions is expected to grow alongside the rise of autonomous vehicles. The anticipation of Semilux's shares trading on the Nasdaq Capital Market under the ticker 'SELX' could attract investor interest due to the high-growth potential of the technology involved.
The transition from Chenghe's Class A ordinary shares and units to Semilux's ordinary shares on the Nasdaq Capital Market underscores a significant liquidity event for stakeholders. Investors will be analyzing the immediate market response to the new ticker 'SELX' to gauge market sentiment. The long-term value, however, will hinge on Semilux's ability to capitalize on its stated goals of expanding its U.S. customer base and leveraging partnerships with OEMs (Original Equipment Manufacturers) and Tier-1 suppliers.
Financially, the success of this business combination will be measured by Semilux's subsequent quarterly financial reports, which should reflect the synergies of the merger, growth in market share and the scalability of their operations. Investors should look for indicators such as revenue growth, margin expansion and research and development spend as a percentage of sales, which will provide insights into the company's operational efficiency and innovation trajectory.
LiDAR and ADB technologies are at the forefront of the automotive industry's shift towards autonomous driving. LiDAR sensors provide high-resolution, three-dimensional information about the vehicle's surroundings, which is crucial for the safety and reliability of autonomous vehicles. ADB systems improve visibility for drivers by adjusting high beams in real-time to avoid dazzling other road users.
The success of Semilux in the competitive landscape will depend on its technological advancements, product reliability and integration with existing automotive systems. The company's focus on these areas, as well as its ability to meet stringent safety standards, will be critical for securing and maintaining partnerships with leading automotive manufacturers and suppliers.
Additionally, the impact of such technologies on the regulatory environment and insurance industries should not be underestimated, as they will play a significant role in the mass adoption of autonomous driving technologies.
Taipei, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Chenghe Acquisition Co. (“Chenghe”), a special purpose acquisition company, today announced the completion of its previously announced business combination (the “Business Combination”), with Taiwan Color Optics, Inc. (“TCO”), a Taiwan-based provider of LiDAR and ADB components and solutions, and their newly formed holding company, Semilux International Ltd. (“Semilux”), a Cayman Islands exempted company with limited liability. Ordinary shares of Semilux International Ltd. are expected to commence trading on the Nasdaq Capital Market under the ticker symbol “SELX” on February 16, 2024. The Business Combination was approved at a special meeting of Chenghe’s stockholders on February 2, 2024. Upon the closing of the Business Combination, trading of Chenghe’s Class A ordinary shares and units will cease.
“We are pleased to announce the closing of the Business Combination and would like to express our sincere gratitude to all of our stakeholders for their support during the process,” said Dr. Yung-Peng Chang, Chairman of the Board, Director and Co-Chief Executive Officer of Semilux. “For 14 years, TCO has provided laser modules and components across various sectors. Now, we're capitalizing on the autonomous vehicle market, advancing our LiDAR and ADB technologies to meet the industry's growing demand for safety standards. The Business Combination’s completion is expected to enhance our global brand and expand our U.S. customer base. Eager to seize market opportunities through collaborations with leading OEMs and Tier-1s, Semilux intends to leverage Taiwan’s semiconductor ecosystem to deliver global, high-quality, cost-effective product to improve its growth and deliver sustainable shareholder value.”
“We are excited to have completed the Business Combination with TCO and Semilux and look forward to witnessing more technological breakthroughs and Semilux’s transformative impact on the autonomous vehicle market,” said Mr. Richard Qi Li, Chairman of Chenghe Acquisition Co. “With its innovative LiDAR & ADB solutions and strong partnerships with the world’s leading OEM and Tier-1 suppliers, we believe that the company is well positioned to continue growing its business and deliver sustainable shareholder returns. We are thrilled about the future opportunities and look forward to working with Semilux as it embarks on its journey as a public company.”
Advisors
Ogier and Ross Law Group, PLLC acted as the legal advisors for Semilux. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is serving as financial advisor and lead capital markets advisor to Chenghe Acquisition Co. White & Case, Lee and Li, Attorneys-at-Law and Maples and Calder (Hong Kong) LLP acted as the legal advisors to Chenghe. Landi Law Firm acted as the legal advisor to TCO.
About Semilux International Ltd. and Taiwan Color Optics, Inc.
Semilux is domiciled in the Cayman Islands and operates through its subsidiaries, TCO and Semilux Ltd., a Cayman Islands exempted company with limited liability. TCO is an optical and 3D sensing technology company that is primarily involved in the customization, design and supply of optical components and integrated chip for various industries including autonomous driving, intelligent lighting, as well as unmanned aerial vehicles. In collaboration with its clients, TCO conceptualizes and produces high precision optics and sensing modules that are specifically customized to clients’ needs for ease of integration in overall design and production. Applications for TCO’s products include automotive laser headlight systems, adaptive driving beams (ADB) as well as light detection and autonomous driving systems (LiDAR). More information can be found at: http://www.semilux.com.
About Chenghe Acquisition Co.
Chenghe is a blank check company incorporated on April 7, 2021 as a Cayman Islands exempted company with limited liability for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
No Offer or Solicitation
This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains, and certain oral statements made by representatives of Chenghe, TCO and Semilux and their respective affiliates, from time to time may contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Chenghe, TCO’s and Semilux’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding commencement of trading on Nasdaq, the failure to realize the anticipated benefits of the Business Combination, the expected use of proceeds, Semilux’s continued growth and expansion and its ability to deliver value to customers and investors, along with those other risks described under the heading “Risk Factors” in the definitive proxy statement/prospectus filed by Semilux with the Securities and Exchange Commission (the “SEC”) on January 12, 2024, and those that are included in any of Semilux’s and Chenghe’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Semilux, Chenghe and/or TCO and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Chenghe, Semilux and TCO undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
For investor and media inquiries, please contact:
Semilux International Ltd.
Investor Relations Department
Email: IR@semilux.com
Chenghe Acquisition Co.
38 Beach Road #29-11
South Beach Tower
Singapore 189767
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FAQ
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