- Billionaire Li Shufu-backed car technology company Ecarx Holdings Inc looks to go public via a special purpose acquisition company (SPAC) merger with Cova Acquisition Corp (NASDAQ:COVA).
- Ecarx, founded in 2017 by Geely Automobile Holdings Ltd's (OTC:GELYY) Shufu and Ziyu Shen, develops software and hardware like digital cockpit and infotainment systems for cars, Bloomberg reports.
- Ecarx serves both combustion-powered vehicles and automated and electric cars.
- The combined company will be worth $3.8 billion. The transaction includes a $45 million investment from Geely, Luminar Technologies, Inc (NASDAQ:LAZR), and Lotus Technology.
- Ecarx would be the most prominent Chinese company to list in the U.S. following DiDi Global Inc's (NYSE:DIDI) debacle.
- Price Action: COVA shares closed at $9.80 on Wednesday.
