COVA Acquisition Corp. (COVA) Closes ECARX Holdings Deal
by Marlena Haddad on 2022-12-21 at 9:17am

COVA Acquisition Corp. (NASDAQ:COVA) announced this morning that its shareholders have approved and closed its business combination with global mobility tech company ECARX Holdings during a special meeting held on Wednesday, December 14.

The SPAC disclosed in an 8-K last week that 29,379,643 shares were redeemed in connection with the meeting, removing 97.93% of the trust.

The parties were able to close the deal yesterday, December 20. The combined company will retain the ECARX name and its shares and warrants are expected to commence trading on NASDAQ under the symbols “ECX” and “ECXWW,” respectively, today.

COVA initially announced the $3.5 billion combination with ECARX on May 26, 2022. Hubai, China-based ECARX develops hardware and software solutions for the development of connected, automated and electrified mobility, which it supplies to the global automotive industry.

ECARX recorded $415 million in revenue in 2021 and its technology has been integrated into more than 3.7 million cars serving 12 OEM brands across Asia and Europe.  Going forward, ECARX expects to continue delivering growth as it expands the number of cars served and increases the revenue per car through product rollouts and partnerships.


Advisors

  • UBS AG Hong Kong Branch acted as joint financial advisor to ECARX.
  • Morgan Stanley Asia Limited acted as joint financial advisor to ECARX.
  • Skadden, Arps, Slate, Meagher & Flom acted as international legal counsel to ECARX.
  • Cantor Fitzgerald & Co. acted as capital markets advisor to COVA Acquisition Corp.
  • Orrick, Herrington & Sutcliffe LLP acted as its legal counsel.
COVA Acquisition Corp. (COVA) Closes ECARX Holdings Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

by Nicholas Alan Clayton on 2025-07-08 at 12:36pm

M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-08 at 8:18am

At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...

by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved