Orrick Advises COVA Acquisition on $3.82 Billion SPAC Merger with ECARX


Orrick is advising COVA Acquisition Corp., a special purpose acquisition company, on its definitive agreement to merge with mobility tech company ECARX Holdings. The merged company will be publicly listed on Nasdaq under the ticker symbol "ECX" with an expected pro forma equity value of approximately $3.82 billion. The closing of the transaction, which is subject to customary closing conditions, is expected to occur in the fourth quarter of 2022.

Proceeds from the transaction will be used to accelerate ECARX’s technology development and the roll-out of new products, support strategic acquisitions or investments, as well as create further pathways for global growth.

The Orrick team advising COVA Acquisition is led by Albert Vanderlaan and Hari Raman and includes Jeff Zhang, Brian Blood, Travis CherryMartha Wang, Shelley Zhang, Yali Hu, Yuan Tian, Peter Elias, Sarah Schaedler, Steven Malvey, Shannon Yavorsky, Asami Ono, Daniel Healow, Daniel Kearney, Matthew Coleman, Michael Wiesner, Amber Zhou, Maria Sergeyeva, Sami Ghubril, Milana Karayanidi, Jennifer Criss, Soohuen Ham and Matthew Rose.