Cepton Technologies, a manufacturer of high performance MMT® lidar solutions, and Growth Capital Acquisition today announced a definitive business combination agreement that would give the combined company an enterprise value of approximately $1.5 billion on a cash-free, debt-free basis.
The transaction is expected to provide approximately $231 million in gross proceeds, comprised of $172.5 million from Growth Capital, assuming no redemptions, and a $58.5 million PIPE anchored by existing Cepton investor, Japan-based KOITO Manufacturing , a global Tier 1 automotive supplier.
If approved, upon closing Cepton is expected to list on the Nasdaq under new ticker symbol CPTN. Read more.
