Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high performance lidar solutions, is announcing the signing of a definitive agreement. The agreement provides for the acquisition of Cepton by Koito Manufacturing Co. Ltd. (TSE: 7276), a leading automotive tier one supplier. Specifically, Koito will acquire all the outstanding capital stock of Cepton not owned by itself in an all-cash transaction, with Cepton stockholders receiving $3.17 per share in cash. According to the announcement, the proposed transaction has been approved by each company’s Board of Directors and recommended to Cepton’s stockholders by Cepton’s Board of Directors. It is expected to close in the first quarter of 2025, subject to approvals. The proposed transaction is anticipated to accelerate the commercialization of Cepton’s lidar technology by increasing the company’s financial stability and scalability. After the transaction closes, Cepton will operate as a privately held indirect subsidiary of Koito in the U.S. The announcement noted that Cepton and Koito have partnered since 2017 to industrialize high-performance lidar solutions for mass-market automotive, smart infrastructure and industrial applications. “I am excited about the next stage of Cepton’s growth as we embark on a new journey together with Koito,” said Dr. Jun Pei, CEO and Co-Founder of Cepton. “Over the past few years, we have achieved many remarkable milestones in product innovation and development, establishing ourselves as one of the most trusted lidar solutions providers in the automotive industry. A significant portion of our efforts were greatly supported by Koito as our long-term partner and investor. As we carry on our pioneering spirit as a Silicon Valley company and deepen our commitment to driving cutting-edge innovation, leaning on Koito’s century-old heritage of engineering rigor will heighten our dedication to delivering quality solutions to customers worldwide.”
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About Cepton Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (“ADAS/AV”), smart cities, smart spaces and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the Metro Detroit area. Cepton also has a presence in Germany to serve European customers. For more information, visit the company’s website at www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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