Innoviz + Collective Growth – Closing of Business Combination
Innoviz Technologies and Collective Growth Corporation Announce Closing of Business Combination USA – English
Business combination provides Innoviz with approximately $371 million in gross proceeds comprised of Collective Growth’s cash in trust and a PIPE led by strategic investors, positioning Innoviz to capitalize on growth catalysts and expand its product roadmap
TEL AVIV, Israel and AUSTIN, Texas, April 5, 2021 /PRNewswire/ — Innoviz Technologies, a technology leader of high-performance, solid-state LiDAR sensors and perception software, and Collective Growth Corporation (NASDAQ: CGRO) today announced the completion of their previously announced business combination. The combined company will retain the Innoviz Technologies, Inc. name, and its ordinary shares and warrants are expected to commence trading on Nasdaq under the ticker symbols “INVZ” and “INVZW” on April 6, 2021. The business combination was approved at a special meeting of Collective Growth’s stockholders held on March 31, 2021.
The successful completion of the business combination will allow Innoviz Technologies to meet the booming demand of the auto industry, which has been waiting for the LiDAR technology to mature. Innoviz is engaged in multiple automotive programs with multiple partners across the globe, and is growing.
Innoviz is pleased to announce today, after years of development and rigorous testing, the ramp-up towards high-volume automotive-grade fully automated production of InnovizOne, which will serve the BMW series production, among other customers, and is expected to provide meaningful future revenues. In parallel, the Company will continue the introduction of the new generation LiDAR InnovizTwo to the market, which is expected to result in further significant cost reduction and performance improvements in order to accelerate the adoption of safe mobility in all types of cars. Innoviz will continue to collect data and develop new computer vision features for InnovizAPP – the new Automotive Perception Platform. With these developments, Innoviz will further expand the technology gap in the market and strengthen its leadership position on high-performance, cost effective solid-state LiDAR sensors and perception software for the autonomous driving market and others.
“This is a pivotal moment for the Innoviz team and a historic one for the industry at large,” said Omer Keilaf, Co-Founder and CEO of Innoviz. “Since its founding, Innoviz’s engineers have pushed the boundaries of LiDAR performance, enabling us to bring a safe, reliable and affordable solution that automakers can adopt at scale. The growing demand from customers in Europe, the U.S., and the Asia Pacific and our growing backlog attest to our significant commitment. Becoming a publicly traded company puts Innoviz on the path to global leadership in the autonomous driving space worldwide, among others.”
Bruce Linton, Chairman and CEO of Collective Growth Corporation, said, “Innoviz outperforms its peers by a wide margin when it comes to high-volume LiDAR production and technological development. We are proud to follow them on their journey as a publicly traded company.”
As a result of the Business Combination, Innoviz has received approximately $371 million in gross proceeds comprised of Collective Growth’s $141 million of cash held in trust following public stockholder redemptions and $230 million from an ordinary share PIPE, including strategic investments from Innoviz’s Tier 1 partner Magna International, transaction co-sponsor Antara Capital, the largest investor in the PIPE, Phoenix Insurance and other institutional investors.
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