PTK Acquisition Corp. (PTK) has seen an incline of 9.65% in the aftermarket. However, the last trading session closed at $9.53 with a decline of 1.55%.
PTK announces Second Quarter 2021 Financial Results
PTK announced second-quarter 2021 financial results on 1st September 2021. Firstly, the revenue recorded was $17.5 million, up 9.2 percent from the second quarter of 2020. The rise in automotive revenues, which have lower gross margins than audio-video goods, resulted in gross profit and gross margin of $12.5 million and 71.2 percent, respectively.
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Secondly, the quarter had record bookings of $35.3 million, up 200 percent from the second quarter of 2020, resulting in a book-to-bill ratio of 2.02. As of June 30, 2021, there was a $56.5 million order backlog. Thirdly, automotive revenue was $2.0 million, up 400% from the previous quarter and accounting for 11% of overall sales. Lastly, cash, cash equivalents, and short-term deposits totaled $51.9 million on the balance sheet, with no debt.
On 21 June 2021, PTK reported that the Mather Foundation Limited has sold a total of 300,000 shares in SolGold to the company’s directors. The transaction was completed to meet philanthropic and charitable obligations in Australia. This includes prostate cancer research, mental health, and homelessness organizations. The Mather Foundation will monetize assets and make cash payments to third-party charitable organizations every financial year.
Investigation of PTK Acquisition Corp.
On 25th May 2021, Brodsky & Smith announces that it is conducting an investigation of liabilities against the Board of Directors of PTK Acquisition Corp. Firstly, the investigation is done for potential infringements of fiduciary obligations and other federal. Secondly, PTK stockholders will control just 9% of the merged firm, according to the terms of the deal.
Thirdly, the inquiry is looking into whether the PTK Board of Directors violated its fiduciary obligations to shareholders by failing to execute a fair process, which included diluting ownership interests in the merged firm.
Valens Semiconductor to become a Public Company
On 25th May 2021, PTK stated that they’ve reached an agreement on a final business combination. Following the completion of the deal, Valens will be the name of merged business Valens’ excellent technology will set industry standards in a variety of sectors. Valens is leading the next steps in the growth of advanced driver assistance systems. Moreover, this necessitates a growing number of mission-critical sensors in the car. Valens’ high-speed connection is a leading option for managing the huge volumes of data generated by these sensors.