Prospector Capital today announced that the conditions for closing its business combination with LeddarTech have not yet been satisfied. The deal was originall expected to close Dec. 15.
The parties are working together to satisfy the closing conditions, including obtaining Nasdaq approval to list of the exchange.
A shareholder vote was held Dec. 13, although the SPAC has not filed details of the vote with the SEC or released redemption figures, if any.
The transaction was expected to provide LeddarTech with up to $66 million in gross cash proceeds when the deal was announced in June at a pro forma equity value of $348 million.
Prospector must complete a business combination by Dec. 31 or liquidate.
A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal, Toronto and Tel Aviv, Israel, LeddarTech develops and provides AI-based low-level sensor fusion and perception software solutions for autonomous driving applications. Read more.
