Lithium-metal Supplier Ses To Go Public Via Merger With Spac Ivanhoe Capital In $3.6B Deal

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Lithium-metal battery supplier SES said Tuesday it is going public by merging with special purpose acquisition corporation Ivanhoe Capital Acquisition Corp. in a deal with an implied equity value of about $3.6 billion, including a $300 million earn-out. The deal is expected to give SES, a supplier for electric vehicles, up to $476 million in gross proceeds to fund its growth plans, including a $200 million private investment in public equity, or PIPE, from investors that include General Motors , Hyundai Motor Company , Geely Holding Group , Kia Corporation , and SAIC Motor Corp. .

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