Valens, a maker of high-speed chips for the audio-video and automotive markets, said Tuesday it will merge with special purpose acquisition company PTK Acquisition Corp., a special purpose acquisition company.
Peter Kuo, CEO of PTK Acquisition Corp., said that PTK identified a “rare opportunity to combine with a company that is defining the future of connectivity and is validated by multiple industry standards”.
The transaction requires the approval of the stockholders of PTK and Valens and is subject to customary closing conditions, including a registration statement being declared effective by the Securities and Exchange Commission.