REE Automotive has announced the completion of its merger with 10X Capital. The business combination was approved at a special meeting of 10X’s stockholders on July 21st, 2021 and closed today, July 22nd, 2021.
Following the merger, the combined company is named REE Automotive Ltd. Beginning on Friday, July 23rd, 2021, REE’s Class A ordinary shares and warrants will trade on Nasdaq under the ticker symbols ‘REE’ and ‘REEAW’, respectively.
Daniel Barel, REE Co-Founder and Chief Executive Officer, stated: “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.”
“OurREEcorner 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.”
During 2021, REE has executed strategic collaborations with industry leaders such as Magna International, Hino Motors (a subsidiary of Toyota Motor Corporation), American Axle and Navya. Recently, REE also forged a strategic collaboration with EAVX, a newly formed business unit of JB Poindexter & Co (JBPCO), which serves commercial work truck body and accessory industry leaders including Morgan Corporation and Morgan Olson.
REE and EAVX will develop best-in-class, zero-emission, commercial EV work trucks for existing and new customers that will integrate REEcorners and JBPCO commercial vehicle body solutions, bringing ‘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,” said 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.”
Long-term strategic investors including Koch Strategic Platforms and Magna International participated in the business combination PIPE investment. As previously announced, REE’s Co-Founder and Chief Executive Officer, Daniel Barel, will continue to lead the company.