Ree automotive announces commencement of exchange offer and consent solicitation relating to warrants
Tel aviv, israel, aug. 25, 2022 (globe newswire) -- ree automotive ltd. (nasdaq: ree) (“ree” or the “company”), an automotive technology leader and provider of electric vehicle (ev) platforms, today announced that it has commenced an exchange offer (the “offer”) and consent solicitation (the “consent solicitation”) relating to its outstanding (i) public warrants to purchase class a ordinary shares of the company, without par value (the “class a ordinary shares”), which warrants trade on the nasdaq stock market (“nasdaq”) under the symbol “reeaw”(the “public warrants”) and (ii) related private placement warrants to purchase class a ordinary shares (the “private placement warrants” and, together with the public warrants, the “warrants”). the warrants were assumed by ree in connection with its business combination with 10x capital venture acquisition corp. on july 22, 2021. the purpose of the offer and consent solicitation is to simplify the company's capital structure and reduce the potential dilutive impact of the warrants, thereby providing the company with more flexibility for financing its operations in the future.
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