Quanergy begins trading on the NYSE under
Ticker “QNGY” tomorrow, February 9, 2022
Transaction Proceeds and Committed Funding of
$175 Million Position Company for Continued Growth
Quanergy Systems, Inc. (the “Company”), a leading provider of
OPA-based solid state LiDAR sensors and smart 3D solutions for
automotive and IoT, today announced the closing of its previously
announced business combination with CITIC Capital Acquisition Corp.
(“CCAC”) (NYSE: CCAC), a publicly traded special purpose
acquisition company. The transaction gives the Company access to
approximately $175 million in available liquidity on top of its
existing balance sheet, before transaction expenses and debt
paydown, consisting of approximately $50 million in cash proceeds
from the PIPE and SPAC Trust, as well as up to $125 million in
committed funding from a previously announced share subscription
facility from Global Emerging Markets Group (“GEM”), a
Luxembourg-based private alternative investment group. Under the
GEM facility, the Company can draw on a $25 million advance from
the total $125M following effectiveness of a resale S-1
Registration Statement. Proceeds from the transaction will be used
for working capital, repayment of $35 million of secured notes, and
transaction expenses, positioning the Company to fund future growth
and continue investing in its leading portfolio of smart LiDAR and
3D perception solutions.
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Quanergy Systems Announces Closing of
Business Combination (Photo: Business Wire)
CCAC shareholders approved the transaction at its shareholders
meeting held on January 31, 2022. The combined company has been
renamed “Quanergy Systems, Inc.” and is expected to begin trading
on the New York Stock Exchange at market open tomorrow, February 9,
2022, under the ticker “QNGY” for Quanergy common stock and
“QNGY.WS” for Quanergy publicly traded warrants.
“Today marks another major milestone for Quanergy, following the
significant technological, product and commercial achievements in
the last few years,” said Dr. Kevin J. Kennedy, Chairman of the
Board and CEO at Quanergy. “The capital raised from the
transaction, together with the GEM facility, enables us to further
our position as a leading provider of smart LiDAR solutions that
are poised to transform the IoT and automotive industries by
driving down cost and enabling powerful levels of automation and
insights.”
For more information, visit www.quanergy.com.
About Quanergy Systems, Inc.
Quanergy’s mission is to create powerful, affordable smart LiDAR
solutions for automotive and IoT applications to enhance people’s
experiences and safety. Quanergy has developed the only true 100%
solid-state CMOS LiDAR sensor built on optical phased array (OPA)
technology to enable the mass production of low-cost, highly
reliable 3D LiDAR solutions. Through Quanergy’s smart LiDAR
solutions, businesses can now leverage real-time, advanced 3D
insights to transform their operations in a variety of industries
including industrial automation, physical security, smart cities,
smart spaces and much more. Quanergy solutions are deployed by
nearly 400 customers across the globe. For more information, please
visit us at www.quanergy.com.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," "project," "will likely
result" and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
All statements, other than statements of present or historical fact
included in this press release, including, our expectations
regarding trading under the new ticker symbol on the NYSE, our
ability to access funding under the GEM share subscription
facility, our expectations for growth in the coming years including
the continued investment in and expansion of our portfolio of smart
LiDAR solutions, anticipated market acceptance of our products,
including LiDAR technology and perception software, and the
combined company’s future products and growth are forward-looking
statements. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of the management of Quanergy and are not predictions
of actual performance. These forward-looking statements are
provided for illustrative purposes only and are not intended to
serve as, and must not be relied on as, a guarantee, an assurance,
a prediction or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond our control. Potential risks and
uncertainties that could cause the actual results to differ
materially from those expressed or implied by forward-looking
statements include, but are not limited to, changes in domestic and
foreign business, market, financial, political and legal
conditions; the overall level of consumer demand for Quanergy’s
products; general economic conditions and other factors affecting
consumer confidence, preferences, and behavior; disruption and
volatility in the global currency, capital, and credit markets; the
ability to maintain the listing of Quanergy’s securities on the New
York Stock Exchange; the financial strength of Quanergy’s
customers; Quanergy’s ability to implement its business strategy;
changes in governmental regulation, Quanergy’s exposure to
litigation claims and other loss contingencies; disruptions and
other impacts to Quanergy’s business, as a result of the COVID-19
global pandemic and government actions and restrictive measures
implemented in response; stability of Quanergy’s suppliers, as well
as consumer demand for its products, in light of disease epidemics
and health-related concerns such as the COVID-19 global pandemic;
the impact that global climate change trends may have on Quanergy
and its suppliers and customers; Quanergy’s ability to protect
patents, trademarks and other intellectual property rights; any
breaches of, or interruptions in, Quanergy’s information systems;
fluctuations in the price, availability and quality of electricity
and other raw materials and contracted products as well as foreign
currency fluctuations; Quanergy’s ability to utilize potential net
operating loss carryforwards; changes in tax laws and liabilities,
tariffs, legal, regulatory, political and economic risks. The
foregoing list of potential risks and uncertainties is not
exhaustive. More information on potential factors that could affect
Quanergy’s financial results is included in CCAC’s public reports
filed with the U.S. Securities and Exchange Commission (the “SEC”),
including its Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and Current Reports on Form 8-K as well as the other
documents CCAC has filed, or the combined company will file, with
the SEC. If any of these risks materialize or CCAC’s or Quanergy’s
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that we do not presently know, or that we
currently believe are immaterial, that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect
Quanergy’s expectations, plans or forecasts of future events and
views as of the date of this press release. Quanergy gives no
assurance that the combined company will achieve its expectations.
Quanergy anticipates that subsequent events and developments will
cause its assessments to change. However, while Quanergy may elect
to update these forward-looking statements at some point in the
future, Quanergy specifically disclaims any obligation to do so,
except as required by law. These forward-looking statements should
not be relied upon as representing Quanergy’s assessments as of any
date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220208006268/en/
Media Contact: Neal Stein Media@quanergy.com
Investor Contact: QuanergyIR@ICRinc.com
CITIC Capital Acquisition (NYSE:CCAC)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
CITIC Capital Acquisition (NYSE:CCAC)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
