![]() 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. Proceeds from the transaction will be used to accelerate technology development and the roll-out of new products, support strategic acquisitions and investments, as well as create further pathways for global growth and profitability by the end of 2024.ĮCARX is transforming vehicles into seamlessly integrated information, communications, and transportation devices. The transaction, which has been unanimously approved by the board of directors of both COVA and ECARX, is expected to close in the fourth quarter of 2022, subject to approvals by shareholders of COVA and ECARX, respectively, and satisfaction or waiver, as applicable, of other customary closing conditions. Shareholders will be able to attend and vote their shares during the Extraordinary General Meeting via a live webcast available at At the closing, current ECARX shareholders will roll their existing equity holdings into the post-business combination company. The meeting will be held virtually over the internet by means of a live audio webcast. Shareholders of record at the close of business on November 8, 2022, will be entitled to receive notice of and to vote at the Extraordinary General Meeting. Eastern time on December 14, 2022, to approve the previously announced business combination with ECARX. It includes $300 million cash held in trust by COVA as well as $110 million in additional capital from strategic partners, Geely Holding Group and Luminar, and convertible note holders including Lotus Technology, SPDB International (Hong Kong) Limited and CNCB (Hong Kong) Investment Limited.ĬOVA will hold an Extraordinary General Meeting of Shareholders at 9:00 a.m. The declaration of effectiveness by the SEC and the filing of the definitive proxy statement is an important step towards ECARX becoming a publicly traded company, with the goal of being listed on The Nasdaq Stock Market LLC under the symbol "ECX" following the close of the transaction.Īs previously announced, the transaction represents a combined company pro forma equity value of approximately $3.82 billion, assuming no redemptions by COVA’s shareholders. Securities and Exchange Commission (the “SEC”). ![]() ![]() (“COVA”), has been declared effective by the U.S. ("ECARX"), a global mobility technology company, today announced that its registration statement on Form F-4 (the “Registration Statement”), in connection with its previously announced proposed business combination (the “Business Combination”) with COVA Acquisition Corp. 21, 2022 /PRNewswire/ - ECARX Holdings, Inc. Extraordinary General Meeting Scheduled for December 14, 2022 ![]()
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