Quanergy Systems (Sunnyvale, CA), a provider of solid-state lidar sensors, and CITIC Capital Acquisition (CCAC; New York, NY) have entered into a definitive agreement that will result in Quanergy becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Quanergy Systems, Inc. and is expected to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “QNGY.”
Quanergy provides optical phased array (OPA) technology focused on the automotive and Internet of Things (IoT) markets. The company, which has over 350 customers and 40 partnerships worldwide, offers an integrated solution portfolio that matches lidar sensors with highly accurate 3D perception software.
The Boards of Directors of both Quanergy and CCAC have unanimously approved the proposed business combination, which is expected to be completed in the second half of 2021, subject to approval by CCAC’s shareholders and the satisfaction or waiver of other customary closing conditions set forth in the merger agreement.