Valens Semiconductor Ltd. announced that it has entered into subscription agreements for private placement of 12,500,000 ordinary shares for $10 per share for an aggregate purchase price of $125,000,000 on May 25, 2021. The transaction will include participation from Ptk Holdings Llc for 400,000 ordinary shares for $4,000,000, returning investor MediaTek Inc. and an established global institutional investor. The transaction will be completed concurrently with the closing of the business combination transaction.

The transaction is subject to customary conditions to closing. The shares will be issued on a post-reverse stock split basis.