NetworkNewsBreaks — Cepton Technologies Inc. (NA
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Posted On: 10/27/2022 4:45:23 PM
NetworkNewsBreaks — Cepton Technologies Inc. (NASDAQ: CPTN) Enters $100M Agreement with Koito Manufacturing
Cepton Technologies (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has signed a binding investment agreement with its long-term automotive tier 1 partner and current shareholder, Koito Manufacturing Co. Ltd. The company anticipates using the funds — $100 million — for its next stage of growth as it grows its lidar solutions and looks toward mass deployment. The agreement has been approved by Cepton’s board of directors and calls for Koito to purchase $100 million of convertible preferred stock. According to the announcement, the shares will be convertible, beginning on the first anniversary of the issue date, into shares of Cepton’s common stock; the approximate initial conversion price will be $2.585 per share. The most recent agreement is the third investment that Koito has made in Cepton in the last two years. “We are excited to further strengthen our partnership with Koito and remain deeply grateful for Koito’s continued support,” said Cepton cofounder and CEO Dr. Jun Pei in the press release. “This investment solidifies Cepton’s financial position and allows us to continue our execution excellence as we focus on commercialization and mass market deployment of our lidar sensors.”
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 signed a binding investment agreement with its long-term automotive tier 1 partner and current shareholder, Koito Manufacturing Co. Ltd. The company anticipates using the funds — $100 million — for its next stage of growth as it grows its lidar solutions and looks toward mass deployment. The agreement has been approved by Cepton’s board of directors and calls for Koito to purchase $100 million of convertible preferred stock. According to the announcement, the shares will be convertible, beginning on the first anniversary of the issue date, into shares of Cepton’s common stock; the approximate initial conversion price will be $2.585 per share. The most recent agreement is the third investment that Koito has made in Cepton in the last two years. “We are excited to further strengthen our partnership with Koito and remain deeply grateful for Koito’s continued support,” said Cepton cofounder and CEO Dr. Jun Pei in the press release. “This investment solidifies Cepton’s financial position and allows us to continue our execution excellence as we focus on commercialization and mass market deployment of our lidar sensors.”
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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