- GCAC announces another milestone that brings company closer to completing impending transaction with Cepton Technologies, a Silicon Valley developer of LiDAR-based innovative technology
- SEC declared effectiveness of Registration Statement and Special Meeting date for proposed business combination where stockholders will vote to approve transaction
- Cepton provides highly competitive price-for-performance LiDARs; initially targets advanced driver assistance systems (“ADAS”) segment but is poised to expand into new markets and applications
Growth Capital Acquisition (NASDAQ: GCAC), a special purpose acquisition company, announced that it would hold the Special Meeting of its stockholders at 10:00 A.M. Eastern Time on February 9, 2022, following the SEC’s declaration of the company’s registration statement on Form S-4 effective (https://nnw.fm/4F7M1). The proxy voting process is already in progress. Special Meeting will allow shareholders to consider the previously proposed business combination with Cepton, a Silicon Valley innovator of LiDAR-based technology. The meeting will be held online via live audio webcast at www.cstproxy.com/gcacorp/2022, entitling GCAC stockholders of record on January 13, 2022, to vote to approve the proposed transaction with Cepton. Relevant documents, including the definitive proxy statement, were mailed to GCAC’s shareholders of record as of the close of business on the Record Date on or about January 25, 2022. After closing the transaction, the combined company’s common shares are expected to list on Nasdaq under the ticker symbol “CPTN” while the warrants would list under “CPTNW.” The company announced that the merger with Cepton Technologies Inc. values Cepton at an enterprise value of around $1.5 billion on a cash-free, debt-free basis.
As the race to fully autonomous vehicles (“AV”) and advanced driver assistance systems (“ADAS”) was accelerating, Cepton recognized that new technology — LiDAR, or light detection and ranging — could be the answer to some of the AV and ADAS challenges. Still, the LiDARs are yet to become commercialized for mass adoption as the technology’s application is mainly restricted to ultra-high-end vehicles. Founded in 2016 and led by industry experts to meet key LiDAR industry challenges for mass-market adoption, Cepton now serves a fast-growing customer base through an international presence across North America, Germany, Japan, India, and China.
What differentiates Cepton from many of its competitors is its proprietary Micro Motion Technology (“MMT(R)”) which uses quartz-crystal-like materials instead of MEMS (micro-electro-mechanical systems). This feature allows Cepton to offer improved performance and lower power usage – all delivered at a better price point.
Commitment to constant innovation in a space with a great potential for value creation, Cepton was awarded the CES(R) 2022 Innovation Awards Honoree in the Vehicle Intelligence & Transportation category with its Nova LiDAR — a miniature, wide field of view LiDAR sensor for near-range applications (https://nnw.fm/jTIhW). Focused on the mass market commercialization of its high performance, high-quality LiDARs, the company has also secured deals with Koito Manufacturing, General Motors (NYSE: GM), and Ford (NYSE: F). The deal with General Motors is the industry’s largest automotive OEM program, positioning Cepton as the first company to bring LiDAR sensors to production markets. As a result, the company is expected to slash production costs in half over the coming years – from around $1,000 to near $500 (https://nnw.fm/8RsGi). This watershed moment could potentially bring LiDARs from the industry’s fringes straight to the automotive mainstream. The anticipated start of production is set for 2023.
For more information, visit the company’s website at www.GCACorp.com
NOTE TO INVESTORS: The latest news and updates relating to GCAC are available in the company’s newsroom at https://nnw.fm/GCAC
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