Press Release
September 30, 2021

PTK Acquisition Corp. Completes $1.1 Billion Business Combination with Valens Semiconductor

The SPAC and Private Equity Asia teams advised PTK Acquisition Corp. (NYSE: PTK), a special purpose acquisition company, in the completion of their previously announced business combination with Valens Semiconductor. The combined company will be called Valens and expects its common stock and public warrants to begin trading under the ticker symbols "VLN" and "VLNW", respectively, on the New York Stock Exchange (NYSE) on September 30, 2021. The Business Combination was approved at a special meeting of PTK stockholders on September 28, 2021.

On May 25, 2021, Valens announced the business combination with PTK in a transaction valued at approximately $1.1 billion. The proceeds were used to accelerate development and commercialization of Valens' next-generation products and to fully fund the company through profitability.

The Goodwin team was led by Douglas Freeman, Jocelyn Arel, Dan Espinoza, Chi Pan, and Eugena Tong and included Yoel Kranz, Wei Xu, Todd Pollock and Chuqiao (Chris) Zhao.

For additional details on the business combination, please read the press release.