Valens Semiconductor completed $1.1 billion combination with PTK Acquisition
We advised Valens on its business combination with a SPAC
Davis Polk advised Valens Semiconductor Ltd. on its approximately $1.1 billion combination with PTK Acquisition Corp. The transaction ultimately generated approximately $155 million of gross proceeds from the cash held in trust after PTK stockholder redemptions and the PIPE by leading institutional and strategic investors. The combined company will be called Valens and expects its common stock and public warrants to begin trading under the ticker symbols “VLN” and “VLNW,” respectively, on the New York Stock Exchange on September 30, 2021.
Valens is a leading provider of semiconductor products, pushing the boundaries of connectivity by enabling long-reach, high-speed video and data transmission for the audio-video and automotive industries. PTK Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
The Davis Polk corporate team includes partners Michael Kaplan and Brian Wolfe and associates W. Soren Kreider IV, Chris Van Buren and Alex S. Burger. Partner Adam Kaminsky is providing executive compensation advice. The tax team includes partner David H. Schnabel and associate Aliza Slansky. Partner Pritesh P. Shah and associate Mikaela Dealissia are providing intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.