KUALA LUMPUR, June 15 (Bernama) -- Automotive software company, LeddarTech Inc (LeddarTech), and Prospector Capital Corp (Prospector), a publicly traded special purpose acquisition company, announced their entry into a definitive business combination agreement that would result in LeddarTech becoming a publicly listed company.
According to a statement, upon closing of the transaction, which is expected by the fourth quarter of 2023, LeddarTech is expected to be listed on Nasdaq under the ticker symbol “LDTC”.
The transaction values LeddarTech at a pro-forma equity value of US$348 million and is expected to provide the company with up to US$66 million in gross cash proceeds, which are expected to be used to fund the commercialisation of its first embedded software solutions, expand product offerings and deepen customer engagements. (US$=RM4.62)
LeddarTech has a strong early-mover advantage with over seven years of experience working on low-level sensor fusion and perception with 150 patents filed (80 granted) covering a broad array of foundational technologies such as signal acquisition, perception and fusion.
“This collaboration is expected to provide us with the necessary capital and resources to invest in our exceptional team, and take the company to the next level by positioning the company to secure customer wins and drive growth in our business.
“I am excited that LeddarTech has achieved this important milestone, which we believe will make LeddarTech one of the rare public companies in the pure-play ADAS/AD software space,” said LeddarTech Chief Executive Officer (CEO), Charles Boulanger.
He has also decided to retire as CEO once the transaction closed, at which time President and Chief Operating Officer, Frantz Saintellemy is expected to succeed him, and he plans to remain with LeddarTech as a special advisor and a member of the company’s board of directors.
Meanwhile, Prospector’s CEO, Derek Aberle said: “We are excited to partner with LeddarTech’s management team to help drive growth and adoption of their products and believe it represents an attractive investment opportunity for our shareholders.”
At the close of the transaction, Aberle is expected to become Chairman of the LeddarTech board of directors.
-- BERNAMA
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