LiDar designer AEye completed its business combination with CF Finance Acquisition III, a SPAC sponsored by Cantor Fitzgerald. AEye is expected to begin trading on the Nasdaq under LIDR on Aug. 18.
The two companies in May lowered the deal value 20% on a pre-merger basis to $1.52 billion, down from the $1.9 billion at the time of the merger announcement in February.
The SPAC in an 8-K filing said shares worth $195.5 million were redeemed ahead of the vote. CF Finance III raised $230 million in a November IPO.
The business combination was expected to deliver up to $455 million of gross proceeds to AEye, including up to $225 million from a fully committed PIPE. Read more.
