Innoviz Technologies , a technology leader in high-performance LiDAR sensors and perception software , and Collective Growth Corporation (NASDAQ: CGRO ) today announced the completion of their previously announced business combination given.
The combined company will retain the name Innoviz Technologies, Inc. and its common stock and warrants are expected to be launched on March 6 . April 2021traded on the Nasdaq under the ticker symbols “INVZ” and “INVZW”. The business combination was approved at an extraordinary meeting of shareholders of Collective Growth on March 31, 2021.
The successful completion of the business combination will enable Innoviz Technologies to meet the booming demand of the auto industry that has been waiting for LiDAR technology to mature. Innoviz is involved in multiple automotive programs with multiple partners around the world and is growing.
Innoviz is proud to announce the ramp-up for the fully automated high-volume production of InnovizOne for the automotive sector after years of development and rigorous testing. InnovizOne will, among other things, serve BMW series production and should generate significant sales in the future.
In parallel, the company will continue to roll out the new generation of LiDAR, InnovizTwo, which is expected to deliver further significant cost reductions and performance improvements to accelerate the introduction of safe mobility into all vehicle types. Innoviz will continue to collect data and develop new computer vision features for InnovizAPP, the new Automotive Perception Platform.
“This is a defining moment for the Innoviz team and a historic moment for the entire industry,” said Omer Keilaf, co-founder and CEO of Innoviz . “Since inception, Innoviz engineers have pushed the boundaries of LiDAR performance, what it is has enabled us to offer a safe, reliable, and affordable solution that can be adopted by automakers on a large scale, with increasing demand from customers in Europe, the United States, and Asia-Pacific as well as our growing order book. The transformation into a listed company puts Innoviz on the path to global market leadership, including in the field of autonomous driving. ”
Bruce Linton , Chairman and CEO of Collective Growth Corporation , said, “Innoviz outperforms its competitors in high-volume LiDAR production and technology development. We are proud to accompany you on your way as a listed company. ”
Overview of the transaction
As a result of the business combination, Innoviz received approximately $ 371 million in gross proceeds comprised of cash held in trust by Collective Growth of $ 141 million following redemptions by public shareholders and $ 230 million – Composed of a PIPE of common stock, including strategic investments from Innoviz ‘Tier 1 partner Magna International, transaction co-sponsor Antara Capital, PIPE’s largest investor, Phoenix Insurance and other institutional investors.
Goldman Sachs & Co. LLC acted as the exclusive financial advisor and placement agent to Innoviz in connection with the combination. Latham & Watkins LLP and Meitar | Law Offices acted as legal advisor to Innoviz.
Akin Gump Strauss Hauer & Field LLP and Faegre Drinker Biddle & Reath LP acted as legal advisors to sponsors Antara Capital and Perception Capital, respectively, and Nechama Brin and Michael Yifrah acted as financial advisors to Perception Capital. Graubard Miller and Goldfarb Seligman & Co. acted as legal advisers to Collective Growth, and Cantor Fitzgerald acted as financial and capital markets advisor to Collective Growth.