NetworkNewsBreaks — Cepton Technologies Inc. (NA
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Posted On: 08/31/2022 4:08:34 PM
NetworkNewsBreaks — Cepton Technologies Inc. (NASDAQ: CPTN) Receives Planned $100M Investment from Long-Term Partner
Cepton Technologies (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has received a nonbinding letter of intent (“LOI”) outlining a planned investment of up to $100 million. Dated Aug. 29, 2022, the LOI is from Koito Manufacturing Co., Ltd., a long-term automotive tier-1 partner and current shareholder; this marks Koito’s third investment in Cepton since 2020. According to the announcement, proceeds from the proposed investment from Koito, which will be in the form of convertible nonvoting preferred stock, will fund Cepton’s next stage of growth as it scales its lidar solutions for mass deployment. The investment is designed to help strengthen Cepton’s financial position and solidify Koito’s commitment in lidar as a crucial component in both automotive and nonautomotive applications, noted Koito president Michiaki Kato. The two companies have been working together for five years, a partnership that has resulted in the industry’s largest known ADAS lidar series production award. “I am extremely grateful for Koito’s ongoing support as a key strategic investor and technology and manufacturing partner, and am excited to have the opportunity to explore Koito’s proposed investment,” said Cepton Technologies cofounder and CEO Dr. Jun Pei in the press release. “From receiving our ADAS series production design win to becoming a publicly traded company, Koito has been with us throughout our journey, and I look forward to achieving many more milestones together in the years to come.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Cepton Technologies (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has received a nonbinding letter of intent (“LOI”) outlining a planned investment of up to $100 million. Dated Aug. 29, 2022, the LOI is from Koito Manufacturing Co., Ltd., a long-term automotive tier-1 partner and current shareholder; this marks Koito’s third investment in Cepton since 2020. According to the announcement, proceeds from the proposed investment from Koito, which will be in the form of convertible nonvoting preferred stock, will fund Cepton’s next stage of growth as it scales its lidar solutions for mass deployment. The investment is designed to help strengthen Cepton’s financial position and solidify Koito’s commitment in lidar as a crucial component in both automotive and nonautomotive applications, noted Koito president Michiaki Kato. The two companies have been working together for five years, a partnership that has resulted in the industry’s largest known ADAS lidar series production award. “I am extremely grateful for Koito’s ongoing support as a key strategic investor and technology and manufacturing partner, and am excited to have the opportunity to explore Koito’s proposed investment,” said Cepton Technologies cofounder and CEO Dr. Jun Pei in the press release. “From receiving our ADAS series production design win to becoming a publicly traded company, Koito has been with us throughout our journey, and I look forward to achieving many more milestones together in the years to come.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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