GM - Ivanhoe Capital Acquisition gains on taking lithium-metal battery supplier SES public in $3.6B deal

SES Holdings, manufacturer of high-performance hybrid Lithium-Metal rechargeable batteries for electric vehicles to list on NYSE under the ticker symbol 'SES' through business combination with SPAC Ivanhoe Capital Acquisition (IVAN) at a valuation of $3.6B.Transaction is expected to provide SES up to $476M in gross proceeds to fund expansion plans, including $200M from fully-committed common stock PIPE at $10.00 per share. The transaction is supported by strategic PIPE investors and global automakers that include General Motors (GM), Hyundai Motor Company (HYMTF) and Kia Corporation (KIMTF), Geely Holding Group (GELYF), SAIC Motor, LG Technology Ventures, and Foxconn (FXCOF), Koch Strategic Platforms, Fidelity Investments Canada ULC and Franklin Templeton The combined company is expected to have over $600M of cash at transaction close to help fund the company’s future growth and transition into its commercialization phase in 2025. The transaction is expected to be completed in the third or fourth quarter of 2021.IVAN +5% premarket.

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Ivanhoe Capital Acquisition gains on taking lithium-metal battery supplier SES public in $3.6B deal