HomeTop MoversHere is why PTK Acquisition Corp (PTK) stock plunged on Thursday?

Here is why PTK Acquisition Corp (PTK) stock plunged on Thursday?

PTK Acquisition Corp (PTK) shares plummeted 3.24% in the after-hours on Thursday, September 30, 2021, and closed the daily trading at $7.16 per share. Earlier in the regular trading on Thursday, PTK stock also lost 4.39%. its shares have moved down 22.44% in the past week. Over the past three months, the stock has lost 21.66%, while over the past six months, it has declined 21.02%.

Let’s have a brief look at its recent news and developments.

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PTK completed business merger

On September 30, 2021, Valens Semiconductor, Ltd and PTK Acquisition Corp completed their previously announced business combination.  The combined company will be called Valens and its common stock and public warrants have begun trading under the ticker symbols “VLN” and “VLNW”, respectively, on the New York Stock Exchange. The Business Combination was approved at a special meeting of PTK stockholders on September 28, 2021.

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PTK Merger background

On May 25, 2021, Valens announced the Business Combination with PTK in a transaction valued at approximately $1.1 billion. The transaction ultimately generated approximately $155 million of gross proceeds from the cash held in trust after PTK stockholder redemptions and the private investment in public equity (PIPE) by leading institutional and strategic investors.

PTK Participation in the recent investor conference

Valens Semiconductor recently participated at the Evercore ISI Autotech & AI Forum which was held on Wednesday, September 22, 2021. The company was presented by Valens’ CEO Gideon Ben-Zvi, Valens’ CFO Dror Heldenberg and PTK Acquisition Corp.’s CEO Peter Kuo.

The company also participated at the Oppenheimer 24th Annual Technology, Internet & Communications Conference which was held on August 9, 2021. Valens’ CEO Gideon Ben-Zvi, Valens’ CFO Dror Heldenberg and PTK Acquisition Corp.’s CEO Peter Kuo participated in a fireside chat during the event.

Recent financial results

On September 1, 2021, Valens Semiconductor Ltd announced its financial results for the second quarter and six months ended June 30, 2021.

Q2 2021 financial highlights

  • Valens reported revenue of $17.5 million in Q2 2021 compared to $16.02 million in Q2 2020.
  • In Q2 2021, Gross profit and gross margins were $12.5 million and 71.2%, respectively, compared to $12.7 million and 79.1% in the second quarter of 2020.
  • It suffered a net loss of $3.7 million in Q2 2021 compared to a net loss of $1.85 million in Q2 2020.
  • Adjusted EBITDA was $2.12 million in Q2 2021 compared to $0.85 million in Q2 2020.
  • The company ended the second quarter with cash, cash equivalents and short-term deposits of $51.9 million and no debt.

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Well, PTK is no more after it completed its merger with Valens. Let’s see how the new company (VLN and VLNW ) performs in the stock market in the coming days.

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