PTK Acquisition Corp. (NYSE:PTK) announced that its shareholders approved its combination with Israel-based semiconductor-maker Valens at a shareholder vote held earlier today.
In an 8-K filing, the SPAC showed that 8,507,237 shares were redeemed in connection with the vote, removing 74% of PTK’s trust. Despite the heavy redemption numbers, PTK soared 15.42% to $11.00 in afterhours trading following the news.
The deal is expected to close shortly and the combined company will be called Valens. Upon closing, the combined company’s ordinary shares will trade on the New York Stock Exchange under the symbol “VLN” and the Valens warrants under “VLNW”.
The parties originally inked the $894 million combination on May 25. Valens produces semiconductors for consumer and commercial electronics, and it is transitioning to provide solutions to the automotive industry.
Overall, the transaction was approved nearly unanimously with 10,684,686 shares, or 74%, of PTK’s issued and outstanding common stock present at today’s special meeting. For a full list of tallies and proposals, click HERE.
ADVISORS
- BofA Securities is acting as exclusive financial advisor to Valens.
- Citigroup, BofA Securities and Oppenheimer are joint placement agents on the PIPE.
- Davis Polk & Wardwell LLP and Meitar Law Offices are serving as legal advisor for Valens in the U.S. and Israel, respectively.
- Financial Profiles, Inc. is serving as investor relations advisor for Valens.
- Goodwin Procter LLP and Goldfarb Seligman & Co. are serving as legal advisors to PTK in the U.S. and Israel, respectively.
- Winston & Strawn LLP is acting as legal advisor to Citigroup, BofA Securities and Oppenheimer
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