10/2/2023 0 Comments Luminar ecarx![]() is a blank check company whose business purpose is to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen and Eric Li (Li Shufu), who is also the founder and chairman of Zhejiang Geely Holding Group (Geely), one of the largest automotive groups in the world that holds ownership interest and investment in international brands such as Lotus, Lynk & Co, Polestar, smart and Volvo Cars.ĬOVA Acquisition Corp. ECARX was founded in 2017 and has since grown to close to 2,000 team members. Over the last three years, ECARX's technology has been integrated into more than 3.7 million cars worldwide. Beyond this, ECARX is developing a full-stack automotive computing platform. ![]() ECARX's current core products include infotainment head units (IHU), digital cockpits, vehicle chip-set solutions, a core operating system and integrated software stack. ![]() It is shaping the interaction between people and cars by rapidly advancing the technology at the heart of smart mobility. Today's announcement will accelerate our technology development and product roll-out, strategic acquisitions and investments, and international expansion."ĮCARX is transforming vehicles into seamlessly integrated information, communications, and transportation devices. We believe ECARX's solid financial position will allow us to capitalize on the global automotive transition towards more sustainable living through smart mobility and we will be at the heart of it. Ramesh Narasimhan, ECARX Chief Financial Officer, said, "This funding, which represents institutional backing from outside the automotive sector, provides additional resources that we expect will help us to move swiftly towards business combination close. Additionally, we view this financing as a vote of confidence in our market position and believe it will help us facilitate the transition of the auto industry to connected and automated electrified vehicles." Ziyu Shen, ECARX Chairman and Chief Executive Officer, said, "This financing agreement brings ECARX's debut on the public markets one step closer and we expect to satisfy the $100 million minimum cash condition for the closing of the business combination. ("COVA") related to the proposed business combination between ECARX and COVA. The $65 million convertible note financing adds to the Company's $45 million in capital raised from strategic partners, Geely Holding Group and Luminar, and convertible note holder Lotus Technology, which was announced concurrently with the merger agreement entered into on between ECARX and COVA Acquisition Corp. ("ECARX" or the "Company"), a global mobility tech company, today announced that the Company has entered into an agreement with SPDB International ( Hong Kong) Limited and CNCB ( Hong Kong) Investment Limited for $65 million of convertible senior notes due 2025. 14, 2022 /PRNewswire/ - ECARX Holdings, Inc. The $65 million in convertible notes and previously announced $45 million in additional capital from strategic partners equates to $110 million, expecting to surpass the $100 million minimum available cash condition to close the business combination
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