Announcement • Dec 21
ECARX Holdings, Inc. completed the acquisition of COVA Acquisition Corp. (NasdaqCM:COVA) from COVA Acquisition Sponsor LLC and others in a reverse merger transaction. ECARX Holdings Inc. entered into a letter of intent to acquire COVA Acquisition Corp. (NasdaqCM:COVA) from COVA Acquisition Sponsor LLC and others in a reverse merger transaction on September 21, 2021. ECARX Holdings Inc. entered into an agreement to acquire COVA Acquisition Corp. (NasdaqCM:COVA) from COVA Acquisition Sponsor LLC and others in a reverse merger transaction for $3.4 billion on May 26, 2022. The transaction values ECARX at $3.82 billion pro forma equity value, or pre-money equity value of $3.4 billion. After the closing of the merger, ECARX’s existing shareholders are expected to own approximately 89% of the pro forma combined company. At the closing, current ECARX shareholders will roll their existing equity holdings into the post-business combination company. Upon completion of the transaction, the combined company expects to be listed on Nasdaq under ticker symbol "ECX".
The transaction will require the approval of the shareholders of both ECARX and COVA and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The shareholders of COVA will hold a meeting on December 14, 2022 to approve the transaction. The Boards of Directors of ECARX and COVA have unanimously approved the transaction. As of November 18, 2022, the registration statement has been declared effective by the U.S. Securities and Exchange Commission with respect to the transaction. On December 14, 2022,COVA Acquisition shareholders approved the transaction. The closing of the transaction is expected to occur in the fourth quarter of 2022. Proceeds from the transaction will be used to accelerate technology development and the roll-out of new products, support strategic acquisitions or investments, as well as create further pathways for global growth through its international operations office in London and a product development center in Gothenburg, Sweden.
UBS AG Hong Kong Branch and Morgan Stanley Asia Limited acted as joint financial advisors 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., and Orrick, Herrington & Sutcliffe LLP acted as its legal counsel. COVA has hired D.F. King & Co., Inc. to assist in the proxy solicitation process. COVA will pay to D.F. King & Co., Inc. a fee of $25,000, plus disbursements. Mark Zimkind of Continental Stock Transfer & Trust Company served as transfer agent to COVA. PriceWaterhouseCoopers Advisory LLC acted as the financial advisor and PricewaterhouseCoopers LLP and Roland Berger LLC acted as the due diligence advisors to COVA.
ECARX Holdings, Inc. completed the acquisition of COVA Acquisition Corp. (NasdaqCM:COVA) from COVA Acquisition Sponsor LLC and others in a reverse merger transaction on December 20, 2022. Announcement • May 27
ECARX Holdings Inc. entered into an agreement to acquire COVA Acquisition Corp. (NasdaqCM:COVA) in a reverse merger transaction for $3.4 billion. ECARX Holdings Inc. entered into an agreement to acquire COVA Acquisition Corp. (NasdaqCM:COVA) in a reverse merger transaction for $3.4 billion on May 26, 2022. The transaction values ECARX at $3.82 billion pro forma equity value, or pre-money equity value of $3.4 billion. After the closing of the merger, ECARX’s existing shareholders are expected to own approximately 89% of the pro forma combined company, Upon completion of the transaction expects to be listed on Nasdaq under ticker symbol "ECX". The transaction will require the approval of the shareholders of both ECARX and COVA and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The Boards of Directors of ECARX and COVA have unanimously approved the transaction. The closing of the transaction is expected to occur in the fourth quarter of 2022. Proceeds from the transaction will be used to accelerate technology development and the roll-out of new products, support strategic acquisitions or investments, as well as create further pathways for global growth through its international operations office in London and a product development center in Gothenburg, Sweden. UBS AG Hong Kong Branch and Morgan Stanley Asia Limited acted as joint financial advisors 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., and Orrick, Herrington & Sutcliffe LLP acted as its legal counsel. Announcement • Apr 09
Cova Acquisition Talks with Tiket.Com Reportedly Ended Tiket.com has ended talks to come public through a merger with special purpose acquisition company COVA Acquisition Corp., according to Bloomberg's Gillian Tan, Manuel Baigorri, Fathiya Dahrul and Elffie Chew, citing people familiar with the matter. Tiket is now considering a merger with e-commerce platform Blibli, formerly known as PT Global Digital Niaga, instead, the report said. 
