News & Presentations

February 3, 2021


  • REE Automotive (“REE”), a leader in e-Mobility, has entered into a merger agreement with 10X Capital Venture Acquisition Corp (NASDAQ: VCVC) (“10X SPAC”); the newly combined company will be listed on the NASDAQ under the new ticker symbol “REE”
  • REE’s fully-flat and modular EV platforms are based on proprietary REEcorner technology, positioned to become the cornerstone of next-generation e-Mobility.
  • REE is producing highly modular, mission-specific EV platforms with a low total cost of ownership (“TCO”) with fully autonomous-ready independent drive-by-wire, brake-by-wire and steer-by-wire technology for each wheel.
  • The transaction is expected to provide more than $500 million of gross proceeds to the Company. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International. As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized.
  • Pro forma equity value of the merger is approximately $3.6 billion and pro forma enterprise value of $3.1 billion, at the $10.00 per share PIPE price and assuming minimal 10X SPAC shareholder redemptions.
  • REE is a unique, horizontally integrated e-Mobility player targeting a $700 billion total addressable market, encompassing EVs ranging in size from Class 1 through Class 6, for commercial and Mobility-as-a-Service (“MaaS”) applications.
  • REE has an orderbook comprised of signed indications of interest for over 250,000 platforms, representing 27% of their total cumulative expected revenue of $19.1 billion by 2026.
  • REE developed a global CapEx-light manufacturing model, leveraging low-cost integration centers to reduce the total cost and capital expenditure of manufacturing.
  • The transaction will accelerate mass production of REEcorner technology and modular EV platforms, expected to begin in 2023.

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