Stock Alert: 10X Capital Venture Acquisition Jumps 35%

By RTTNews Staff Writer   ✉   | Published:

Shares of 10X Capital Venture Acquisition Corp (VCVC) are gaining over 35% after the special purpose acquisition company announced merger with REE Automotive Ltd.

VCVC is currently trading at $15.06, up $4.12 or 37.66%, on the Nasdaq.

The transaction values the combined company at a pro forma enterprise value of $3.1 billion. The combined company is expected to receive around $500 million in cash proceeds from a combination of $201 million in cash held in 10X SPAC's trust account, assuming no public shareholders exercise their redemption rights at closing, and $300 million from a fully committed PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International.

REE is an automotive technology leader creating the cornerstone for tomorrow's zero-emission vehicles.

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