Quanergy Systems Announces Closing of Business Combination
Summary
Quanergy Systems, Inc. (the Company), a leading provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive and IoT, today announced the closing of its previously announced business combination with CITIC Capital Acquisition Corp. (CCAC) (NYSE: CCAC), a publicly traded special purpose acquisition company. The capital raised from the transaction, together with the GEM facility, enables us to further our position as a leading provider of smart LiDAR solutions that are poised to transform the IoT and automotive industries by driving down cost and enabling powerful levels of automation and insights.Quanergys mission is to create powerful, affordable smart LiDAR solutions for automotive and IoT applications to enhance peoples experiences and safety. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "project," "will likely result" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Quanergy and are not predictions of actual performance. In addition, forward-looking statements reflect Quanergys expectations, plans or forecasts of future events and views as of the date of this press release.