Quebec-based LeddarTech and Prospector Capital today announced a definitive business combination agreement at a pro forma equity value of $348 million. The target is an automotive software company that provides patented disruptive low-level sensor fusion and perception software technology.
If approved, at closing LeddarTech is expected to list on the Nasdaq under the ticker symbol LDTC. The transaction is expected to close during the fourth quarter.
The transaction is expected to provide LeddarTech with up to $66 million in gross cash proceeds, which are expected to be used to fund the commercialization of its first embedded software solutions, expand its product offerings and deepen its customer engagements. Proceeds will come from approximately $23 million in Prospector's trust, assuming no redemptions, as well as $43 million from investors including Prospector's sponsor, FS Investors, Investissement Québec as a representative of the Government of Québec, Desjardins Capital and BDC Capital participating in the transaction via a convertible private placement. Read more.
Source: Automotive Software Provider LeddarTech Merging with Prospector Capital in 8M Deal