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PR Newswire

Valens Semiconductor and PTK Acquisition Corp. Announce Closing of Business Combination

Valens to Begin Trading on the New York Stock Exchange under the Symbol “VLN” and Ring the Opening Bell on September 30, 2021

HOD HASHARON, Israel and NEW YORK, Sept. 30, 2021 /PRNewswire/ — Valens Semiconductor, Ltd. (“Valens”), a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, and PTK Acquisition Corp. (NYSE: PTK) (“PTK”), a special purpose acquisition company, today announced the completion of their previously announced business combination (the “Business Combination”). The combined company will be called Valens and expects its common stock and public warrants to begin trading under the ticker symbols “VLN” and “VLNW”, respectively, on the New York Stock Exchange (NYSE) on September 30, 2021. The Business Combination was approved at a special meeting of PTK stockholders on September 28, 2021.

“As the leader in high-speed digital connectivity, Valens’ transition to the public markets marks an important milestone in our corporate journey and enhances our ability to expand our high-speed, reliable connectivity solutions to several large and fast-growing markets,” said Gideon Ben-Zvi, CEO of Valens. “Valens’ chipsets are already embedded in Daimler Mercedes-Benz vehicles, and our technology was selected as the baseline for the new automotive standard for high-speed in-vehicle connectivity. Becoming a public company provides us with new sources of capital to accelerate our growth and advance our position as a leading global provider of semiconductors for high-speed connectivity solutions for the automotive, audio-video, and other adjacent markets.”  

“We are proud to partner with Gideon Ben-Zvi and the Valens Semiconductor team as the company  moves forward as a public company,” said Peter Kuo, CEO and Director of PTK. “As a pioneer in technologies set to define the future of connectivity, Valens is very well positioned for long-term success.”

Valens technology addresses the need for next generation high-speed, high-bandwidth, error-free, long-range connectivity in environments where performance and cost are critical.

In automotive, Valens’ technology supports the complex car of the future by providing seamless connectivity for the increasing number of in-vehicle sensors, cameras and infotainment displays. Valens’ superior technology is validated by leading OEMs, automotive Tier-1 suppliers, and strategic investors.

Transaction Overview

On May 25, 2021, Valens announced the Business Combination with PTK in a transaction valued at approximately $1.1 billion. The transaction ultimately generated approximately $155 million of gross proceeds from the cash held in trust after PTK stockholder redemptions and the private investment in public equity (PIPE) by leading institutional and strategic investors. The proceeds will be used to accelerate development and commercialization of Valens’ next-generation products and to fully fund the company through profitability.

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