ECARX Secures $65 Million Convertible Note Financing Prior to its Planned Business Combination with COVA Acquisition Corp.
LONDON, Nov. 14, 2022 /PRNewswire/ -- ECARX Holdings, Inc. ("ECARX" or the "Company"), a global mobility tech company, today announced that the Company has entered into an agreement with SPDB International (Hong Kong) Limited and CNCB (Hong Kong) Investment Limited for $65 million of convertible senior notes due 2025. The $65 million convertible note financing adds to the Company's $45 million in capital raised from strategic partners, Geely Holding Group and Luminar, and convertible note holder Lotus Technology, which was announced concurrently with the merger agreement entered into on May 26, 2022 between ECARX and COVA Acquisition Corp. ("COVA") related to the proposed business combination between ECARX and COVA.
- The $65 million convertible note financing adds to the Company's $45 million in capital raised from strategic partners, Geely Holding Group and Luminar, and convertible note holder Lotus Technology, which was announced concurrently with the merger agreement entered into on May 26, 2022 between ECARX and COVA Acquisition Corp.("COVA") related to the proposed business combination between ECARX and COVA.
- China International Capital Corporation Hong Kong Securities Limited served as the financial advisor to ECARX leading the $65 million private convertible senior note financing.
- COVA Acquisition Corp. is a blank check company whose business purpose is to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
- The forward-looking statements in this communication represent the views of COVA and ECARX as of the date of this communication.