REE Automotive’s $3.1 Billion Merger With 10X Capital Venture Acquisition Corp

White and Case LLP, Zemah Schneider & Partners, and Goldfarb Seligman & Co. served as legal advisor to REE Automotive Ltd., and Morgan, Lewis & Bockius LLP and Gornitzky & Co. served as legal advisor to 10X SPAC. Latham & Watkins LLP served as legal advisor to the placement agents.

REE Automotive Ltd. and 10X Capital Venture Acquisition Corp (NASDAQ:VCVC), a special purpose acquisition company (SPAC), have entered into a merger agreement for a business combination that would result in REE becoming a publicly listed company. Following the close, NASDAQ will list the combined company under the ticker “REE.” In connection with the proposed business combination, there was a fully committed US$300 million PIPE with participation from long-term strategic investors.

Headquartered in Tel Aviv, Israel, REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market.

Morgan Stanley & Co. LLC served as lead placement agent on the PIPE offering. Cowen served as lead financial advisor to REE and as a placement agent on the PIPE offering. Wells Fargo Securities served as financial advisor, and JVB Financial served as capital markets advisor to 10X SPAC.

Latham & Watkins LLP represented the placement agents in connection with the PIPE transaction with a Houston-based corporate deal team led by partner Ryan Maierson (Picture), with associates Paul Robe and Ricky Alvarado.

The White & Case team advising REE Automotive was led by partners Colin Diamond in New York and Tali Sealman, in Silicon Valley. The team also included partners Joel Rubinstein and Maia Gez, associates Steven Glendon, (Capital Markets), Gabrielle Hodgson, Aaron Raffel and Robert Song (M&A), partner Sang Ji and associate Mitchell Li (Tax), partner Henrik Patel and associate Robin Heszkel (Executive Compensation & Benefits).

Morgan, Lewis & Bockius represented 10X Capital with Partners Todd Hentges, Tim Rupp, and Sean Donahue, of counsel Jeffrey Letalien, and associates Brian Soares and Jackie Hamilton.

Involved fees earner: Ricardo Raul Alvarado – Latham & Watkins; Ryan Maierson – Latham & Watkins; Paul Robe – Latham & Watkins; Sean Donahue – Morgan Lewis; Jacquelynne Hamilton – Morgan Lewis; Todd Hentges – Morgan Lewis; Jeffrey Letalien – Morgan Lewis; Timothy Rupp – Morgan Lewis; Brian Soares – Morgan Lewis; Colin Diamond – White & Case; Maia Gez – White & Case; Steven Glendon – White & Case; Robin Heszkel – White & Case; Gabrielle Hodgson – White & Case; Sang Ji – White & Case; Mitchell Li – White & Case; Henrik Patel – White & Case; Aaron Raffel – White & Case; Robert Song – White & Case; Joel Rubinstein – White & Case; Tali Sealman – White & Case;

Law Firms: Latham & Watkins; Morgan Lewis; White & Case;

Clients: 10X Capital Venture; Cowen and Company; Morgan Stanley; REE Automotive;


Author: Ambrogio Visconti