TinyGemsBreaks — Cepton Technologies Inc. (NASDAQ: CPTN) Enters $100M Agreement with Koito Manufacturing
Oct 27, 2022
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.”
To view the full press release, visit https://ibn.fm/uKMB0
About Cepton Technologies Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (“ADAS/AV”), smart cities, smart spaces and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries. Cepton has been awarded a significant ADAS lidar series production award with Koito on the General Motors business. Cepton is also engaged with all other top-10 global OEMs. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information about the company, visit www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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