LAZR (Luminar) is up another $8.61 today, to $31.59.
Another rumored lidar/SPAC deal. Collective Growth Corp. (stock symbol: CGRO), a SPAC that raised $150 million when it went public in May 2020, is reported to be in negotiations with Innoviz Technologies, "an Israeli startup focused on lidar, laser systems and autonomous vehicles."
CGRO is trading at $12.23 this afternoon, up $2.34.
Israeli Lidar Startup Innoviz in Talks to Merge With SPAC
By Gillian Tan and Eliza Ronalds-Hannon
Bloomberg
December 3, 2020, 4:20 PM CST
Updated on December 3, 2020, 5:01 PM CST
Innoviz Technologies Ltd., an Israeli startup focused on lidar, laser sensors used in autonomous vehicles, is in talks to go public through a merger with Collective Growth Corp., according to people with knowledge of the matter. Collective Growth surged as much as 21%.
Collective Growth is seeking to raise $100 million to $350 million in new equity to support a transaction that’s set to value the combined entity at $1 billion or more, said the people, who requested anonymity because the discussions aren’t public. Terms could change as a deal isn’t finalized, and it’s possible talks could fall apart, one of the people said.
Collective Growth, the Austin, Texas-based special purpose acquisition company, is led by Chief Executive Officer Bruce Linton, who is known for co-founding Canopy Growth Corp., a cannabis producer. Collective Growth raised $150 million in April and said at the time it would focus on target businesses in any industry or geography.
Innoviz’s investors include Samsung Electronics Co., SoftBank Ventures Asia and Phoenix Insurance Co., among others, its website shows.
A Collective Growth representative declined to comment and an Innoviz representative didn’t immediately respond to a request for comment.
A SPAC merger has become an increasingly popular method for closely held companies to raise growth capital. Velodyne Lidar Inc. and Luminar Technologies Inc., another lidar company, recently went public through mergers with Graf Industrial Inc. and Gores Metropoulos, respectively. Aeva, a lidar startup, last month agreed to merge with Interprivate Acquisition Corp.
Collective Growth rose as high as $12 in after-hours New York trading after closing at $9.89.
— With assistance by Gabrielle Coppola
(Updates with share surge starting in first paragraph.)
Lidar Startup Said in Talks to Merge With Linton’s SPAC - Bloomberg |
