Innoviz shares surge on Nasdaq in first trading day after SPAC merger

Shares of Israel’s Innoviz Technologies, a maker of sensors for self-driving cars, rose 11% on the Nasdaq on its first day of trading on Tuesday, marking the first Israeli tech firm to complete a merger deal with a special purpose acquisition company.

The merger with the SPAC, Collective Growth Corporation, provides Innoviz with some $371 million in proceeds. Shares started trading on Tuesday after the business combination was approved by a stockholders’ meeting of Collective Growth on March 31.