Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, reported that its stockholders approved the company’s proposal to issue 100,000 shares of Series A Convertible Preferred Stock to Koito Manufacturing Co. Ltd. The issuance, which would be for $100 million, is based on the terms of an investment agreement between the two companies that was signed on Oct. 27, 2022. According to the announcement, the investment should close on Jan. 19, 2023. Shareholders voted on the proposal during Cepton’s recent special meeting of shareholders, which was held on Jan. 11, 2023.
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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.
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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