NetworkNewsBreaks — Cepton Inc. (NASDAQ: CPTN) C
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Posted On: 01/20/2023 3:29:49 PM
NetworkNewsBreaks — Cepton Inc. (NASDAQ: CPTN) Completed $100M Koito Manufacturing Investment
Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has closed its previously announced $100 million investment with Koito Manufacturing Co. Ltd.; Koito is a long-term automotive Tier 1 partner and current CPTN shareholder. The transaction closed on Jan. 19, 2023, and was in the form of convertible preferred stock. Cepton’s stockholders approved the move at a special meeting held on Jan. 11, 2023. The investment is convertible into shares of Cepton’s common stock at an initial conversion price of $2.585 per share; the conversion date begins on the first anniversary of the issue date. “We’re happy to announce the closing of the preferred stock investment as we deepen our partnership with Koito,” said Cepton cofounder and CEO Dr. Jun Pei in the press release. “We plan to deploy the additional capital to help fund our next stage of growth, continue series production execution, and expand our collaboration efforts towards winning additional automotive OEM programs.”
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 (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has closed its previously announced $100 million investment with Koito Manufacturing Co. Ltd.; Koito is a long-term automotive Tier 1 partner and current CPTN shareholder. The transaction closed on Jan. 19, 2023, and was in the form of convertible preferred stock. Cepton’s stockholders approved the move at a special meeting held on Jan. 11, 2023. The investment is convertible into shares of Cepton’s common stock at an initial conversion price of $2.585 per share; the conversion date begins on the first anniversary of the issue date. “We’re happy to announce the closing of the preferred stock investment as we deepen our partnership with Koito,” said Cepton cofounder and CEO Dr. Jun Pei in the press release. “We plan to deploy the additional capital to help fund our next stage of growth, continue series production execution, and expand our collaboration efforts towards winning additional automotive OEM programs.”
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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