Ree Automotive, an Israeli startup developing modular platforms for electric vehicles, has commenced negotiations to list on the Nasdaq Stock Exchange through a merger with a special-purpose acquisition company (SPAC), the Israeli news site Calcalist Tech reports.

According to Calcalist Tech, Ree Automotive, widely referred to as Ree, has held ongoing merger talks for the past three months with an unnamed SPAC.

Although not confirmed, it wouldn’t be surprising if Ree reaches a deal to list on the Nasdaq through a merger with a SPAC given that many electric vehicle startups of its kind have sought that route. The EV company is said to be targeting a valuation of between $3 billion to $4 billion on the public markets.

Ree is a Tel Aviv-based company that’s developing modular base platforms for electric vehicles, such as the one pictured at the beginning of this article. The company has secured production partnerships with a handful of automotive companies such as Iochpe-Maxion and the Japanese KYB Corporation, claiming access to over 300 production lines globally.

Ree is aiming for a major revenue source from manufacturing deals with auto-making partners.

Founded in 2011, Ree has over the years nabbed some $160 million in venture funding. It’s notably one of the few electric vehicle companies to originate from Israel. 

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