COVA - Geely-backed Ecarx agrees to go public through deal with SPAC Cova Acquisition

Chinese car technology company Ecarx Holdings Inc. agreed to go public through a deal with SPAC Cova Acquisition Corp. (NASDAQ:COVA) that will value the combined  company at about $3.82 billion. The transaction includes $300 million in cash held in trust by COVA as well as $45 million in additional capital from strategic partners Geely Holding (GELYWF), Luminar (LAZR) and convertible note holder Lotus Technology, according to a statement. Ecarx was founded in 2017 by Ziyu Shen, its chairman and CEO, and by Eric Li, the company's largest investor. Li is the  founder and chairman of Geely, one of the world's largest automotive groups. Ecarx products include infotainment head units, digital cockpits and the company is developing a "full-stack" automotive computing platform. After the closing of the merger, ECARX's existing shareholders are expected to own approximately 89% of the pro forma combined company. COVA sponsor and controlling shareholders of ECARX have agreed

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Geely-backed Ecarx agrees to go public through deal with SPAC Cova Acquisition