CF Finance Acquisition III said the SEC has declared effective its registration statement and proxy on the pending business combination with AEye, a provider of active LiDAR systems.
A shareholder vote on the deal is set for Aug. 12.
The business combination is expected to deliver up to $455 million of gross proceeds to AEye, including up to $230 million of cash held in CF III’s trust account and up to $225 million from a fully committed PIPE anchored by strategic and institutional investors.
CF III and Aeye amended the merger agreement in May to reflect a 20% reduction in valuation due to valuation changes of publicly traded lidar companies and changing conditions in the automotive lidar industry. The deal is now valued on a pre-merger basis at $1.52 billion, down from the $1.9 billion at the time of the merger announcement in February. Read more.