Walkers Advises COVA Acquisition on $3.82 Billion de-SPAC Merger with ECARX

Walkers is pleased to announce it is acting as Cayman Islands counsel to COVA Acquisition Corp., a special purpose acquisition company listed on Nasdaq, on its definitive agreement to merge with mobility tech company ECARX Holdings. The merged company is expected to have a pro forma equity value of approximately $3.82 billion and will be listed on Nasdaq under the new ticker symbol "ECX". The transaction is expected to close in Q4 2022.

ECARX is an automotive technology firm that develops hardware and software solutions aimed at transforming next-gen electronic vehicles, including technology for future electric vehicles, smart connected cockpits and unsupervised driving. Proceeds from the transaction will enable ECARX to accelerate its technology development and product roll-out, strategic acquisitions and investments, and international expansion.

Walkers is acting alongside US counsel Orrick Herrington & Sutcliffe LLP.  The Walkers team is led by corporate partner Jason Allison along with James Murrie.

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