REE Automotive, a leader in electric vehicle technology, and 10X Captal to join forces
New business combo will speed up the development of REEcorner technology which allows for the industry's flattest electric vehicle (EV) platform
REE Automotive, a leader in zero-emissions electric mobility, have announced its plans to join forces with 10X Capital, a publicly-listed special purpose acquisition company. A special meeting of stockholders of 10X Capital Venture Acquisition Corp. is scheduled for July 21, 2021.
The combination of the businesses means REE Class A ordinary shares and warrants upon closing will be listed on NASDAQ under the new ticker symbols “REE” and “REEAW”. The boards of directors of REE and 10X Capital Venture Acquisition Corp. have unanimously approved the Business Combination.
REE Automotive, who are based in Tel Aviv, are a leader in automotive technology. Their mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle, from class 1 through class 6, for any application and any target market.
The brand’s REEcorner technology packs traditional vehicle drive components, including steering, braking, suspension, powertrain and control, into the arch of the wheel. This allows for the industry's flattest electric vehicle (EV) platform.
With the backing of 10X Capital, REE will be able to speed up the development process and bring its new technology to market. This can only be a good thing for all involved, as well as helping many industries move towards zero-emissions mobility.
Hans Thomas, 10X CEO, said: “We are pleased to move to the last stage of completing the proposed business combination and bringing REE to the public markets.
“REE is ideally positioned to operate as a public company. We expect this transaction will enable REE to accelerate production of its REEcorner technology and modular EV platforms in 2023, with the first REEcorners expected to start to be delivered to customers in 2022.
“We believe that the successful completion of the proposed merger will enable REE to deliver on its vision of becoming the cornerstone of e-Mobility, with REEcorner technology and EV platforms powering electric and autonomous vehicles around the globe.”
The closing of the Business Combination remains subject to approval by 10X’s stockholders, the satisfaction or waiver of the closing conditions identified in the merger agreement, and other customary closing conditions.