Appointment follows $50 million
acquisitions in the market of Valens shares by Value Base Fund and
its affiliates
HOD HASHARON, Israel, July 23,
2024 /PRNewswire/ -- Valens Semiconductor Ltd. (NYSE:
VLN), a leader in high-performance connectivity, today announced
the appointment of Tal Yaacobi to
its Board of Directors as an independent director and to the
Nominating, Governance and Sustainability Committee, effective as
of August 8, 2024. The appointment
follows acquisitions in the market of Valens shares of more than
$50 million by Value Base Fund (VBF)
private equity fund, where Mr. Yaacobi is a managing partner and
VBF affiliates. With the addition of Mr. Yaacobi, the Board will be
comprised of ten directors, eight of whom are independent. The
appointment was made pursuant to a Board Nomination Agreement
between Valens Semiconductor and Value Base Fund.
Peter Mertens, Chairman of the
Board of Valens, commented, "We welcome Mr. Yaacobi to the Board.
Tal is a seasoned executive with extensive experience in leading
global companies and serving on boards across various industries.
He brings valuable insights and perspectives that will enhance our
strategic vision and governance. We look forward to working with
him and benefiting from his contributions to Valens' continued
growth and success."
Tal Yaacobi, Managing Partner of
Value Base Fund, commented, "It is an honor to be appointed to
Valens' Board and to serve on the Nominating, Governance and
Sustainability Committee. We undertook a major investment in Valens
shares because of our strong belief in this company's potential for
value creation. From the sidelines, I've witnessed Valens'
remarkable leadership in connectivity, across industries, and I'm
thrilled now to take an active role in furthering the company's
position. Valens has an innovative technology that is set to
revolutionize major markets, from machine vision to automotive, and
I look forward to working with the other directors and management
to support Valens' future success."
Mr. Yaacobi has over 20 years of experience in a variety of
investment management and strategic consulting positions in global
capital market. Prior to joining Value Base Fund, Mr. Yaacobi
served as a partner in Shamrock Growth Fund, as well as a strategy
& corporate finance consultant at McKinsey & Co. Mr.
Yaacobi is a Certified Public Accountant and holds an MBA with
distinction from Cornell
University.
About Valens Semiconductor
Valens Semiconductor is a leader in high-performance
connectivity, enabling customers to transform the digital
experiences of people worldwide. Valens' chipsets are integrated
into countless devices from leading customers, powering
state-of-the-art audio-video installations, next-generation
videoconferencing, and enabling the evolution of ADAS and
autonomous driving. Pushing the boundaries of connectivity, Valens
sets the standard everywhere it operates, and its technology forms
the basis for the leading industry standards such as HDBaseT® and
MIPI A-PHY. For more information, visit
https://www.valens.com/.
Press Contacts
Yoni Dayan
Head of Communications
Valens Semiconductor Ltd.
yoni.dayan@valens.com
Pat Burek
Senior Vice President
Financial Profiles, Inc.
pburek@finprofiles.com
Investor Contacts
Michal Ben Ari
Investor Relations Manager
Valens Semiconductor
michal.benari@valens.com
Lisa Fortuna
Senior Vice President
Financial Profiles, Inc.
lfortuna@finprofiles.com
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SOURCE Valens Semiconductor