Valens Semiconductor and PTK Acquisition have completed their previously announced business combination.
Valens Semiconductor Ltd and PTK Acquisition Corp. have completed their previously announced business combination. The combined company will be called Valens and its common stock and public warrants began trading under the ticker symbols “VLN” and “VLNW”, respectively, on the New York Stock Exchange (NYSE) on September 30, 2021.
“As the leader in high-speed digital connectivity, Valens’ transition to the public markets marks an important milestone in our corporate journey and enhances our ability to expand our high-speed, reliable connectivity solutions to several large and fast-growing markets,” said Gideon Ben-Zvi, CEO of Valens. “Valens’ chipsets are already embedded in Daimler Mercedes-Benz vehicles, and our technology was selected as the baseline for the new automotive standard for high-speed in-vehicle connectivity. Becoming a public company provides us with new sources of capital to accelerate our growth and advance our position as a leading global provider of semiconductors for high-speed connectivity solutions for the automotive, audio-video, and other adjacent markets.”
“We are proud to partner with Gideon Ben-Zvi and the Valens Semiconductor team as the company moves forward as a public company,” said Peter Kuo, CEO and Director of PTK. “As a pioneer in technologies set to define the future of connectivity, Valens is very well positioned for long-term success.”
Valens technology addresses the need for next generation high-speed, high-bandwidth, error-free, long-range connectivity in environments where performance and cost are critical.
In automotive, Valens’ technology supports the complex car of the future by providing seamless connectivity for the increasing number of in-vehicle sensors, cameras and infotainment displays. Valens’ superior technology is validated by leading OEMs, automotive Tier-1 suppliers, and strategic investors. In audio-video, Valens invented HDBaseT technology, which quickly became the leading industry standard for long-reach digital connectivity.
Valens’ senior management team will continue to lead the company, headed by CEO Ben-Zvi.