ECARX secures up to $150 million in convertible note financing

ECARX Holdings Inc. (NASDAQ: ECX) announced it entered into a securities purchase agreement with ATW Partners to issue and sell convertible notes for up to $150 million in aggregate principal amount.

The automotive technology company said the financing will enhance its liquidity position and strengthen its balance sheet. ECARX plans to use the proceeds for global expansion, product innovation, scaling partnerships with international original equipment manufacturers, and investing in software-defined vehicle and intelligent cockpit technologies.

"This transaction reflects the confidence institutional investors have in ECARX's technology leadership and global growth strategy," said Ziyu Shen, Chief Executive Officer and Chairman of ECARX. "The additional capital will support the advancement of next-generation mobility solutions, reinforce our balance sheet, and position the Company to deliver sustainable value for our shareholders over the long term."

D. Boral Capital LLC served as the exclusive placement agent for the offering. ATW Partners is a New York-based investment firm.

ECARX provides automotive technology solutions including system on chip components, central computing platforms, and software for smart vehicles. The company was founded in 2017 and listed on NASDAQ in 2022. It operates in 13 locations across China, the United Kingdom, United States, Singapore, Malaysia, Sweden and Germany with over 1,600 employees.

The company's products are currently found in over 9.3 million vehicles worldwide. ECARX works with automakers including Volkswagen Group, FAW Group and Dongfeng Peugeot-Citroën. The company filed additional details about the financing transaction in a Form 6-K with the Securities and Exchange Commission.

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