Israeli laser sensor developer (LiDAR). INOVIZ TECHNOLOGIES LIMITED (Nasdaq: INVZ) saw its stock price rise 28.1% on Wall Street on Thursday and Friday and 36% over the entire week. The sharp rise came after the Rosh Ha’ayin-based company, led by CEO and co-founder Omar Kilaf, announced that Israeli Advanced Driving Assistance Systems (ADAS) Mobily International Company (Nasdaq: MBLY) will integrate Innoviz solutions into its systems.
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In September, Mobileye announced that it would shut down its LiDAR sensor unit and lay off 100 employees.
Innoviz began trading on Wall Street in 2021 through a SPAC merger at a company valuation of $1.4 billion. Like many companies that completed SPAC mergers at the height of the tech bubble in 2021, Innoviz lost most of its value. Even after the sharp rise in its stock price last week, the company’s market cap is just $157 million, despite being up 91% since its lowest point last month.
Published by Globes, Israel Business News – en.globes.co.il – on December 15, 2024
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