- Cepton Technologies, Inc. (“Cepton”), an innovator in light detection and ranging (lidar) for automotive Advanced Driver Assistance Systems (ADAS) and vehicle autonomy, to combine with Growth Capital Acquisition Corp. ((&ldquo, Growth Capital&rdquo, , NASDAQ:GCAC)
- Business combination follows Cepton securing the ADAS industry’s largest lidar series production award1 from a leading global Top 5 automotive OEM‡, with expected start of deployment in consumer vehicles in 2023
- With ongoing engagements with all of the Top 10 global automotive OEMs‡, Cepton is expected to be the first lidar company to penetrate the passenger vehicle mass market across multiple vehicle classes and models in the next several years, thereby enabling lidar to become an essential safety sensor
- The transaction values Cepton at an enterprise value of approximately $1.5 billion on a cash-free, debt-free basis
- Upon the closing of the transaction the combined company will be renamed Cepton Inc. and will be listed on Nasdaq under the new ticker symbol “CPTN”
- Transaction is expected to provide approximately $231 million in gross proceeds, comprised of $172.5 million from Growth Capital assuming no redemption of the funds held in its trust account and $58.5 million from a PIPE offering anchored by existing Cepton investor, Japan-based KOITO MANUFACTURING CO., LTD. (“KOITO”), a global Tier 1 automotive supplier
- Cepton plans to use the net proceeds from the transaction to accelerate its growth strategy, including securing additional series production design wins at other Top 10 automotive OEMs
Tocvan Updates on Trenching Program at its Pilar Au-Ag Project
Calgary, Alberta – TheNewswire – December 9, 2021 Tocvan Ventures Corp. (the “Company”) (CSE:TCVNF) (WKN:TV3/A2PE64), is pleased to…
