What happened Shares of 10X Capital Venture Acquisition (NASDAQ: VCVC) were sharply higher on Wednesday, after the special-purpose acquisition company (SPAC) announced that it will merge with electric-vehicle platform maker REE Automotive. As of 3 p.m. EST, 10X Capital's stock was up about 43.8% from Tuesday's closing price. So what REE Automotive has developed a series of electric-vehicle "platforms" that can serve as the underpinnings of many different types of vehicles. In industry-speak, REE's products are flat EV "skateboards" that are modular, meaning that the components can be arranged to support vehicles of many different shapes and sizes. The idea is that with REE's platforms, commercial-fleet customers can create electric vehicles tailored to their needs at reasonable cost and with a low total cost of ownership. REE Automotive has developed a series of platforms for electric vehicles. Image source: REE Automotive. Here are the highlights of the merger deal announced on Wednesday: 10X Capital brings about $200 million in cash to the deal. The post-merger company will receive an additional $300 million via a fully committed "PIPE" (private investment in public capital). The PIPE's investors include prominent auto-industry supplier Magna International (NYSE: MGA) and Indian truck manufacturer Mahindra and Mahindra (OTC: MAHMF). The PIPE was "oversubscribed," 10X said, meaning that there was more investor interest than it could accommodate. The deal values the post-merger company at $3.6 billion. REE expects to begin mass production of its platforms in 2023, and to generate revenue of $19.1 billion by 2026. Its order book has "indications of interest" for over 250,000 of its platforms, it said, representing 27% of that expected revenue. Now what Auto investors know that electric-vehicle stocks have been white-hot for months. That's why this SPAC's shares surged after the deal with REE was announced on Wednesday. If all goes according to plan, the merger is expected to close by the end of June. 10 stocks we like better than 10X Capital Venture Acquisition CorpWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and 10X Capital Venture Acquisition Corp wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 John Rosevear has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source