Israeli chip manufacturer Valens Semiconductor (NYSE: VLN) bucked the strong falls on Wall Street on Friday with a 6.98% rise on a slightly above average trading volume. The company, led by CEO Gideon Ben-Zvi, develops semiconductors for the auto-tech and audio-video market.

The rise was likely spurred by a report in “Barron’s” about agreements between activist investor Value Base, which holds a stake in Valens, which included the appointment of Tal Yaacobi to its board of directors.

After the rise Valens has a market cap of $241 million, well below the $1.1 billion valuation at which it completed its SPAC merger in 2021.

Published by Globes, Israel business news – en.globes.co.il – on August 4, 2024.

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