<!DOCTYPE html><html><head></head><body><a href="https://spacinsider.com/spac-profiles/" target="_blank">Collective Growth Corporation</a> (NASDAQ:CGRO) announced that its shareholders <a href="http://www.globenewswire.com/news-release/2021/04/01/2203413/0/en/Collective-Growth-Corporation-Announces-Preliminary-Results-of-Stockholder-Vote-to-Approve-Business-Combination.html" target="_blank">appear to have approved</a> its combination with lidar-maker Innoviz based on preliminary vote results.
The SPAC plans to release final results in an 8-K filing to come. As with some other completion votes over the past several months, Collective Growth received broad approval from shareholders but struggled to gain sufficient votes for a quorum. As of a day before the March 31 special meeting, 99% of shares had voted to approve the deal but <a href="https://spacinsider.com/2021/03/30/vote-collective-growth-corp-innoviz/" target="_blank">only 42.5% had turned out</a>.
The transaction is expected to close promptly after the vote is finalized and closing conditions are confirmed to be met, after which the combined company will trade on the Nasdaq under the symbol “INVZ”.
Collective Growth also announced that 891,046 shares were redeemed for cash in connection with the vote, which would have removed about $8.9 million from its $150 million trust. This will not risk the deal’s completion, but were significant enough to demonstrate that other SPACs may face redemption risks in the current SPAC climate.
Collective Growth’s shares slipped below $10 in the days approaching the special meeting and opened the morning ahead of the vote at $9.65, while the company holds an estimated $10.01 per share in trust.
The parties initially announced their<a href="https://spacinsider.com/2020/12/11/collective-growth-corporation-to-combine-with-innoviz/" target="_blank"> $1 billion business combination </a>on December 11. Israel-based Innoviz is a global developer of high-performance, solid-state LiDAR sensors and perception software for autonomous vehicles.
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<h3>ADVISORS</h3>
<ul>
<li>Goldman Sachs &amp; Co. LLC is serving as exclusive Financial advisor and Placement Agent to Innoviz.</li>
<li>Latham &amp; Watkins LLP and Meitar | Law Offices are serving as Legal Advisors to Innoviz.</li>
<li>Akin Gump Strauss Hauer &amp; Field LLP and Faegre Drinker Biddle &amp; Reath LP are serving as Legal Advisors to sponsors Antara Capital and Perception Capital, respectively.</li>
<li>Nechama Brin&nbsp;and&nbsp;Michael Yifrah&nbsp;are serving as Financial Advisors to Perception Capital.</li>
<li>Graubard Miller and&nbsp;Goldfarb Seligman&nbsp;&amp; Co. are serving as Legal Advisors to Collective Growth.</li>
<li>Cantor Fitzgerald is serving as Financial and Capital Markets Advisor to Collective Growth.</li>
</ul>
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Collective Growth Corporation (CGRO) Reports Preliminary Results of Completion Vote

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