Monday, January 30, 2023

Cepton, Inc. Announces Closing of $100 Million Investment from Koito Manufacturing


Enterprise Wire India

Cepton, Inc. (“Cepton”) (Nasdaq: CPTN), a Silicon Valley innovator and chief in high performance lidar solutions, introduced right now the completion of its beforehand introduced $100 million funding (the “Investment”) from its long-term automotive Tier 1 companion and present shareholder, Koito Manufacturing Co., Ltd. (“Koito”) (TSE: 7276) on January 19, 2023. The Investment, within the type of convertible most popular inventory, was accredited at a particular assembly of Cepton stockholders on January 11, 2023, and is convertible, starting on the primary anniversary of the difficulty date, into shares of Cepton’s frequent inventory at an preliminary conversion worth of $2.585 per share.

 

This press launch options multimedia. View the complete launch right here: https://www.businesswire.com/news/home/20230120005052/en/

 

(Graphic: Business Wire)

(Graphic: Enterprise Wire)

“We’re completely satisfied to announce the closing of the popular inventory funding as we deepen our partnership with Koito,” mentioned Dr. Jun Pei, Cepton’s Co-Founder and CEO. “We plan to deploy the extra capital to assist fund our subsequent stage of development, proceed collection manufacturing execution, and increase our collaboration efforts in direction of successful further automotive OEM packages.”

 

“We’re excited to have accomplished our third funding in Cepton, which solidifies our dedication to lidar and growing automotive security for drivers worldwide,” mentioned Mr. Michiaki Kato, Koito’s President. “This is a crucial yr for us as we work in direction of commercialization and scale manufacturing of our lidar merchandise. We now have a robust observe report with Cepton as a companion and stay up for attaining our mutual purpose of changing into the chief inside lidar.”

 

Further particulars concerning the shut of the Investment can be included in a Type 8-Ok to be filed by Cepton with the Securities and Trade Fee.

 

Advisors

 

ICR Capital LLC served as unique monetary advisor to Cepton and O’Melveny & Myers LLP served as authorized counsel to Cepton. SMBC Nikko served as unique monetary advisor to Koito and Davis Polk & Wardwell LLP and Nishimura & Asahi served as authorized counsel to Koito.

 

Ahead-Trying Statements

 

This press launch contains “forward-looking statements” throughout the that means of the “protected harbor” provisions of america Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by the use of phrases resembling “estimate,” “goal,” “plan,” “challenge,” “forecast,” “intend,” “will,” “count on,” “anticipate,” “consider,” “search,” “goal,” “milestone,” “designed to,” “proposed” or different related expressions that predict or indicate future occasions, developments, phrases and/or situations or that aren’t statements of historic issues. Cepton cautions readers of this press launch that these forward-looking statements are topic to dangers and uncertainties, most of that are tough to foretell and plenty of of that are past Cepton’s management, that might trigger the precise outcomes to vary materially from the anticipated outcomes. These forward-looking statements embody, however aren’t restricted to, statements concerning the potential advantages of the Investment, together with with respect to Cepton’s monetary place and talent to execute on commercialization and mass market deployment objectives. These forward-looking statements shouldn’t be relied upon as representing Cepton’s assessments as of any date subsequent to the date of this press launch. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements. Cepton undertakes no obligation to replace any forward-looking assertion to replicate occasions or circumstances after the date on which the assertion is made or to replicate the prevalence of unanticipated occasions.

 

About Cepton

 

Cepton is a Silicon Valley innovator of lidar-based options for automotive (ADAS/AV), smart cities, smart spaces, and good industrial purposes. With its patented lidar technology, Cepton goals to take lidar mainstream and obtain a balanced strategy to efficiency, value and reliability, whereas enabling scalable and clever 3D notion options throughout industries.

 

Cepton has been awarded a major ADAS lidar collection manufacturing award with Koito on the Common Motors enterprise. Cepton can also be engaged with all High 10 world OEMs.

 

Based in 2016 and led by business veterans with a long time of collective expertise throughout a variety of superior lidar and imaging applied sciences, Cepton is targeted on the mass market commercialization of excessive efficiency, top quality lidar options. Cepton is headquartered in San Jose, CA and has a middle of excellence facility in Troy, MI to offer native help to automotive clients within the Metro Detroit space. Cepton additionally has a presence in Germany, Canada, Japan, India and China to serve a fast-growing world buyer base. For extra data, go to www.cepton.com and observe Cepton on Twitter and LinkedIn.

 

About Koito

 

Beneath the company message, “Lighting for Your Security”, Koito Manufacturing Co., Ltd. (Koito) has been marking a historical past of management in automotive lighting since its institution in 1915. At the moment, the Koito Group consists of 31 firms positioned in 13 nations worldwide and gives services to clients everywhere in the world, via the worldwide community led by 5 main areas (Japan, Americas, Europe, China, and Asia). Its merchandise, acknowledged for its top quality and superior expertise, are broadly utilized by automotive makers worldwide. The corporate is responding to the longer term transformation of mobility via the event of next-generation lighting applied sciences and associated tools, management techniques, and environmentally pleasant merchandise, supplies, and manufacturing strategies. For extra data, please go to www.koito.co.jp/english.

 


 

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