CF Finance Acquisition III and LiDAR designer AEye today announced that due to recent valuation changes of publicly traded lidar companies and changing conditions in the automotive lidar industry, they have amended their previously announced merger agreement to value the deal on a pre-merger basis at $1.52 billion, down from the $1.9 billion at the time of the merger announcement in February.
The combined company will be called AEye Holdings. Shareholders have elected to retain 100 percent of their equity holdings in the combined company. Upon closing, AEye will trade on the Nasdaq under LIDR.
SPAC sponsor Cantor Fitzgerald has also extended the deadline for CF III to close a business combination from May 17 to Sept. 17 by depositing an additional 10 cents per share into the SPAC’s trust account. Cantor Fitzgerald has also agreed to extend the deadline, if necessary, until Jan. 17, 2022. Read more.
