ECARX and COVA Acquisition Close Business Combination

ECARX Holdings, a global mobility tech company, and COVA Acquisition today announced the completion of their merger. The combined company will retain the ECARX name.

Shares and warrants began trading today on the Nasdaq under the symbols ECX and ECXWW.

COVA in an 8-K filing disclosed that 29,379,643 shares were redeemed in connection with the shareholder vote on the merger, representing nearly 98% of the SPAC’s cash in trust. The deal had support from $45 million in additional capital from strategic partners, Geely Holding Group and Luminar, and convertible note holder Lotus Technology.

China-based ECARX develops hardware and software solutions for connected, automated and electrified mobility, which it supplies to the global automotive industry

UBS AG Hong Kong Branch, Morgan Stanley Limited and China International Capital Corporation acted as joint financial advisors to ECARX. Skadden, Arps, Slate, Meagher & Flom acted as international legal counsel to ECARX. acted as capital markets advisor to COVA Acquisition Corp., and Orrick, Herrington & Sutcliffe acted as its legal counsel. Read more.

Source: ECARX and COVA Acquisition Close Business Combination