Valens Semiconductor

How it happened

Valens Semiconductor is an Israeli fabless chip company whose technology moves high-speed audio, video and data over simple cables — the basis of the HDBaseT standard in pro-AV and, later, MIPI A-PHY chips aimed at connecting cameras and sensors in cars. It listed on the NYSE in September 2021 through a SPAC merger with PTK Acquisition at a $1.16B valuation, at the height of the chip and SPAC booms. Slow automotive design-win ramps and the broader collapse of SPAC valuations sent the stock down roughly 80%, leaving Valens a small-cap worth around $200M despite holding substantial cash.