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.”
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About Cepton 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 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 this company, please visit www.Cepton.com.
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