Quanergy to Go Public Through SPAC Deal

Quanergy Systems Inc., a provider of lidar sensors and 3-D perception software, is going public through a combination with a special-purpose acquisition company, a deal that would value the combined business at $1.4 billion, the companies said.

The deal with Citic Capital Acquisition Corp. will help Quanergy pursue research and development, fund working capital, pay down all debt and propel potential future acquisitions, the companies said Tuesday.