TinyGemsBreaks — Cepton Technologies Inc. (NASDAQ: CPTN) Enters $100M Agreement with Koito Manufacturing
Cepton Technologies (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has signed a binding investment agreement with its long-term automotive tier 1 partner and current shareholder, Koito Manufacturing Co. Ltd. The company anticipates using the funds — $100 million — for its next stage of growth as it grows its lidar solutions and looks toward mass deployment. The agreement has been approved by Cepton’s board of directors and calls for Koito to purchase $100 million of convertible preferred stock. According to the announcement, the shares will be convertible, beginning on the first anniversary of the issue date, into…