REE Automotive's $3.1 Billion Merger With 10X Capital Venture Acquisition Corp
REE Automotive Ltd. and 10X Capital Venture Acquisition Corp (NASDAQ:VCVC), a special purpose acquisition company (SPAC), have entered into a merger agreement for a business combination that would result in REE becoming a publicly listed company. Following the close, NASDAQ will list the combined company under the ticker “REE.” In connection with the proposed business combination, there was a fully committed US$300 million PIPE with participation from long-term strategic investors.
Headquartered in Tel Aviv, Israel, REE is an automotive technology leader creating the cornerstone for tomorrow's zero-emission vehicles. REE’s 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.
Morgan Stanley & Co. LLC served as lead placement agent on the PIPE offering. Cowen served as lead financial advisor to REE and as a placement agent on the PIPE offering. Wells Fargo Securities served as financial advisor, and JVB Financial served as capital markets advisor to 10X SPAC.
Latham & Watkins LLP represented the placement agents in connection with the PIPE transaction with a Houston-based corporate deal team led by partner Ryan Maierson (Picture), with associates Paul Robe and Ricky Alvarado.
The White & Case team advising REE Automotive was led by partners Colin Diamond in New York and Tali Sealman, in Silicon Valley. The team also included partners Joel Rubinstein and Maia Gez, associates Steven Glendon, (Capital Markets), Gabrielle Hodgson, Aaron Raffel and Robert Song (M&A), partner Sang Ji and associate Mitchell Li (Tax), partner Henrik Patel and associate Robin Heszkel (Executive Compensation & Benefits).
Morgan, Lewis & Bockius represented 10X Capital with Partners Todd Hentges, Tim Rupp, and Sean Donahue, of counsel Jeffrey Letalien, and associates Brian Soares and Jackie Hamilton.
Ryan Maierson - Latham & Watkins
Paul Robe - Latham & Watkins
Sean Donahue - Morgan Lewis
Jacquelynne Hamilton - Morgan Lewis
Todd Hentges - Morgan Lewis
Jeffrey Letalien - Morgan Lewis
Timothy Rupp - Morgan Lewis
Brian Soares - Morgan Lewis
Colin Diamond - White & Case
Maia Gez - White & Case
Steven Glendon - White & Case
Robin Heszkel - White & Case
Gabrielle Hodgson - White & Case
Sang Ji - White & Case
Mitchell Li - White & Case
Henrik Patel - White & Case
Aaron Raffel - White & Case
Robert Song - White & Case
Joel Rubinstein - White & Case
Tali Sealman - White & Case
Cowen and Company font>
Morgan Stanley font>
REE Automotive font>