Another Chinese Car Tech Company Aspires To Go Public Via SPAC Merger After DiDi's Debacle

Billionaire Li Shufu-backed car technology company Ecarx Holdings Inc looks to go public via a special purpose acquisition company (SPAC) merger with Cova Acquisition Corp COVA.
Ecarx, founded in 2017 by Geely Automobile Holdings Ltd's GELYY Shufu and Ziyu Shen, develops software and hardware like digital cockpit and infotainment systems for cars, Bloomberg reports.
Ecarx serves both combustion-powered vehicles and automated and electric cars.
The combined company will be worth $3.8 billion. The transaction includes a $45 million investment from Geely, Luminar Technologies, Inc LAZR, and Lotus Technology.
Ecarx would be the most prominent Chinese company to list in the U.S. following DiDi Global Inc's DIDI debacle.
Price Action: COVA shares closed at $9.80 on Wednesday.