The shares of Ivanhoe Capital Acquisition Corp. (IVAN) were up 7.07% to trade at $11.20 in pre-market activity today. The IVAN stock price closed at $10.43 on Monday after rising 0.29% in the session. The volume of IVAN stock traded on the day remained at 101.48K shares, which is higher than the average daily volume of 58.36K shares over the past 50 days. Over the past month, IVAN has gained 3.67% of value while its shares have moved 2.15% in the past week.
During the past six months, the price of IVAN stock jumped 3.56%, but it has lost -2.70% since the start of the year. Additionally, IVAN’s current market cap stands at 357.73 million, while its outstanding shares were 34.40 million. A battery maker firm has agreed to go public via IVAN, causing the IVAN stock price to rise in premarket sessions.
The agreement tells us what?
In fact, Ivanhoe Capital is a special purpose acquisition company (SPAC) without any significant operations. IVAN intends to operate through a merger, share exchange, asset acquisition, share purchase, reorganization, or similar combination of businesses to provide the best value to shareholders. Founded in 2020as a shell company, IVAN is headquartered in New York.
In a report published by Bloomberg today, SES Holdings Pte has agreed to merge with Ivanhoe Capital Acquisition Corp for the purpose of going public.
- Bloomberg reported citing people familiar with the matter that the combined company would be valued at $3.6 billion.
- These sources, who did not want to be named because the information is confidential, said the combined company will get as much as $476 million in gross proceeds.
- A private investment in public equity, or PIPE, has been fully committed by IVAN, a blank check company, totaling about $276 million, according to the people.
- People familiar with the transaction say that Koch Strategic Platforms, Hyundai Motor, Geely Holding Group, Kia Corp., and General Motors Co. participated in the $200 million PIPE.
- Investors can expect the announcement of the merger agreement between IVAN and SES as early as Tuesday.
- The representatives of SES as well as Ivanhoe did not respond to Bloomberg’s request for comment.
- SES is a Singapore-based manufacturer of hybrid lithium-metal batteries for electric vehicles or EVs.
How IVAN will complete the transaction?
Ivanhoe Capital Acquisition (IVAN) raised $276 million in its January IPO, including shares known as greenshoes. Following the merger between SES and IVAN, the combined company is expected to be listed on the New York Stock Exchange under the symbol SES.
