Aeva, a provider of next-generation 4D LiDAR sensing and perception systems, has gone public via a merger with InterPrivate Acquisition Corp, a blank check company. The combined company, which was renamed Aeva Technologies, began trading March 15, 2021 on the New York Stock Exchange under the ticker symbols “AEVA” and “AEVAW,” respectively.
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Aeva, Inc. (“Aeva” or the “Company”), a leader in next generation 4D LiDAR sensing and perception systems, announced today that it has completed its previously announced business combination with InterPrivate Acquisition Corp. (NYSE: IPV) (“InterPrivate”), a special purpose acquisition company. The transaction, which was approved by InterPrivate’s stockholders in a special meeting held on March 11, 2021, resulted in the combined company being renamed “Aeva Technologies, Inc.”, with its common stock and warrants to commence trading on the New York Stock Exchange on March 15, 2021 under the ticker symbols “AEVA” and “AEVAW”, respectively.
“As we begin Aeva’s next chapter as a public company, we are in a strong position to realize our vision of scaling our industry-first 4D LiDAR technology and bring perception to all devices,” said Soroush Salehian, Co-Founder and CEO of Aeva. “We have made significant progress on our business plans – forming foundational commercial partnerships, accelerating our product roadmap and bolstering the management team with industry leaders. This deal closure is a testament to the trust and confidence that shareholders have placed in our leadership, technology and business model.”
“We founded Aeva with the vision to bring a new wave of perception technology to market and advance the capabilities of automated driving. This key milestone marks the next stage of our growth, as we look forward to accelerating our ability to bring our unique 4D LiDAR on chip technology to not just automotive, but consumer, industrial and beyond,” added Mina Rezk, Co-Founder, President, CTO and Chairman of Aeva.
“Aeva’s management team has demonstrated impressive leadership throughout the business combination process. With the transaction proceeds, we believe Aeva has the resources to advance its attractive growth opportunities and bring pioneering 4D LiDAR technology to the mass market,” said Ahmed Fattouh, Chairman and CEO of InterPrivate.
The business combination is expected to result in gross proceeds of over $560 million to Aeva, including $320 million in PIPE proceeds and $243 million of InterPrivate cash held in trust. Transaction proceeds are expected to support the Company through the planned start of production in 2024.
Morgan Stanley & Co. LLC served as financial advisor and lead private placement agent on the PIPE offering, EarlyBirdCapital acted as capital markets advisor and Greenberg Traurig, P.A. served as legal advisor to InterPrivate. Credit Suisse Securities (USA) LLC acted as capital markets advisor, and Latham & Watkins LLP served as legal advisor to Aeva. Credit Suisse Securities (USA) LLC also served as placement agent on the PIPE offering for InterPrivate. Additionally, Davis Polk & Wardwell LLP served as legal counsel to Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC.
Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk, and led by a multidisciplinary team of engineers and operators, Aeva is building the next-generation of sensing and perception for autonomous vehicles and beyond. Aeva is backed by Adage Capital, Porsche SE, Lux Capital and Canaan Partners, amongst others. For more information, visit www.aeva.com.
About InterPrivate Acquisition Corp.
InterPrivate is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. InterPrivate is controlled by affiliates of Ahmed M. Fattouh, Chairman and Chief Executive Officer, and InterPrivate LLC, a private investment firm founded by Mr. Fattouh that is also the sponsor of InterPrivate II Acquisition Corp., InterPrivate III Financial Partners, Inc., and InterPrivate IV InfraTech Partners, Inc. InterPrivate is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012.