Valens Semiconductor Announces Effectiveness of Registration Statement for Proposed Business Combination with PTK Acquisition Corp.

HOD HASHARON, Israel and NEW YORK, Aug. 30, 2021 - Valens Semiconductor, Ltd. ("Valens"), a premier provider of high-speed connectivity solutions for the audio-video and automotive markets, announced today that the registration statement on Form F-4 (as amended, the "Registration Statement") related to the previously announced business combination (the "Business Combination") with PTK Acquisition Corp. (NYSE: PTK) ("PTK"), a special purpose acquisition company, has been declared effective by the Securities and Exchange Commission ("SEC"). Subsequent to the effectiveness of the Registration Statement, PTK will commence mailing the definitive proxy statements /prospectus relating to the Special Meeting of PTK's Shareholders to be held on September 28, 2021, in connection with the Business Combination. The proxy statement/prospectus is being mailed to PTK's shareholders of record as of the close of business on September 7, 2021 (the "Record Date"). Notice of the special meeting, the definitive proxy statement/prospectus and other relevant documents will be mailed on or about September 8, 2021, to shareholders of record as of the Record Date.

PTK's common stock is currently traded on NYSE under the symbol "PTK." PTK's warrants are currently traded on NYSE under the symbol "PTK.W" and PTK's units issued in connection with PTK's initial public offering that have not separated are currently traded on NYSE under the symbol "PTK.U."  Upon completion of the transaction, the combined company will be called Valens and the Valens ordinary shares will trade on the New York Stock Exchange under the symbol "VLN" and the Valens warrants under "VLNW." The transaction is expected to close in the fall of 2021, subject to approval by PTK shareholders and other customary closing conditions.