REE and 10X Announce Business Combination Closure

Auto Tech Outlook | Wednesday, November 10, 2021

Daniel Barel, Co-Founder and CEO, REE

 

The Business Combination between REE and 10X has been completed.

FREMONT, CA: REE Automotive Ltd., a pioneer in the field of electric mobility, completes its merger with 10X Capital Venture Acquisition Corp.

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The combined firm is known as REE Automotive Ltd. following the merger. REE's Class A ordinary shares and warrants begin trading on Nasdaq, under the ticker symbols "REE" and "REEAW," respectively.

Daniel Barel, REE Co-Founder and Chief Executive Officer, states, “Today marks a significant milestone for REE as we enter the public markets with a tremendous opportunity ahead of us. We believe that our REEcorner™ technology and fully-flat and modular EV platforms will be the cornerstone for the booming commercial electric vehicle market, as we partner with prominent EV market players across the globe. We are rethinking design and manufacturing for tomorrow’s zero-emission electric and autonomous vehicles, ultimately working to improve quality of life for people around the world by advancing e-Mobility. Our solutions will allow complete EV design freedom, and we plan to enable end customers, such as delivery & logistic companies, OEMs, Mobility-as-a-Service and e-commerce companies to design mission-specific EVs tailored to their needs.”

“Our REEcorner™ technology integrates critical vehicle components including steering, braking, suspension, powertrain and control into a compact module between the chassis and the wheel, using x-by-wire technology for steering, driving & braking. This innovation has enabled REE to develop a modular, fully-flat skateboard chassis with more room for passengers, cargo and batteries that will be highly adaptable to customers. Platforms using REEcorners™ can fit any vehicle size and design, power-source and driving mode, enabling REE to target a $700 billion total addressable market and help OEMs, delivery fleets, Mobility-as-a-Service providers and new mobility players get to market faster and at a fraction of the cost.”

REE has formed significant partnerships with industry heavyweights, including Magna International, Hino Motors (a subsidiary of Toyota Motor Corporation), American Axle, and Navya in 2021. REE also has created a strategic partnership with EAVX, a newly formed JB Poindexter & Co (JBPCO) business unit that services industry heavyweights such as Morgan Corporation and Morgan Olson. REE and EAVX will collaborate to produce best-in-class zero-emission commercial electric work trucks for existing and new customers, integrating REEcornersTM and JBPCO commercial vehicle body solutions and delivering ‘Powered by REE' EVs to North American markets.

“Daniel and his leadership team have delivered on every promise to 10X Capital, our investors, and REE’s stakeholders by consistently executing on their business plan through significant strategic collaborations with marquee partners across the world,” says Hans Thomas, Chairman and Chief Executive Officer of 10X. “REE has built extraordinary momentum–including last week’s announcement with JBPCO–but more importantly, REE is prepared to continue to deliver on its commitments as a public company, as its CapEx-light, asset-light strategy positions the Company securely to continue to execute on its long-term strategic objectives and deliver long-term returns to shareholders.”

The business combination PIPE investment was made by long-term strategic investors, including Koch Strategic Platforms and Magna International. As previously disclosed, Daniel Barel, co-founder, and CEO of REE, continues to run the company.

Morgan Stanley & Co. LLC served as the PIPE offering's principal placement agent. Cowen advised REE on financial matters and acted as placement agent for the PIPE offering. 10X was advised financially by Wells Fargo Securities and Cohen & Company Capital Markets (a part of JVB Financial LLC). REE was advised on capital markets matters by Cantor Fitzgerald, BTIG, DA Davidson, and MKM Partners. REE was advised by White & Case LLP, Zemah Schneider & Partners, and Goldfarb Seligman & Co. In contrast, 10X was advised by Morgan, Lewis & Bockius LLP and Gornitzky & Co. Latham & Watkins LLP advised the placement agents on legal matters.

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