TinyGemsBreaks — Cepton Inc. (NASDAQ: CPTN) Completed $100M Koito Manufacturing Investment

Company: Cepton Inc. (CPTN)
Category: News

Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has closed its previously announced $100 million investment with Koito Manufacturing Co. Ltd.; Koito is a long-term automotive Tier 1 partner and current CPTN shareholder. The transaction closed on Jan. 19, 2023, and was in the form of convertible preferred stock. Cepton’s stockholders approved the move at a special meeting held on Jan. 11, 2023. The investment is convertible into shares of Cepton’s common stock at an initial conversion price of $2.585 per share; the conversion date begins on the first anniversary of the issue date. “We’re happy to announce the closing of the preferred stock investment as we deepen our partnership with Koito,” said Cepton cofounder and CEO Dr. Jun Pei in the press release. “We plan to deploy the additional capital to help fund our next stage of growth, continue series production execution, and expand our collaboration efforts towards winning additional automotive OEM programs.”

To view the full press release, visit https://ibn.fm/fHwvp

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. Cepton has been awarded a significant ADAS lidar series production award with Koito on the General Motors business. Cepton is also engaged with all top 10 global OEMs. 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, Canada, Japan, India and China to serve a fast-growing global customer base. For more information about this company, please visit 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

About TinyGems

TinyGems is your guide to the best and brightest in the under-appreciated small-cap sector. As one of 50+ brands within the InvestorBrandNetwork (“IBN”), TinyGems provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to reach millions of social media followers; and (5) a full array of corporate communications solutions. It’s time to uncover some of the best-kept secrets on Wall Street. TinyGems features innovative small-cap companies with huge potential, putting a spotlight on the best and brightest of these disruptors that have the technology, the talent, the drive, and the business models to make a huge impact in the markets and in portfolios. Whether it’s a game changing technology, a new more profitable product or service, or a star in a hot sector, TinyGems is the go-to source for actionable intelligence.

To receive SMS text alerts from TinyGems, text “Gems” to 844-397-5787 (U.S. Mobile Phones Only)

For more information, please visit https://www.TinyGems.com

Please see full terms of use and disclaimers on the TinyGems website applicable to all content provided by TinyGems, wherever published or re-published: https://www.TinyGems.com/Disclaimer

TinyGems
Los Angeles, California
www.TinyGems.com
310.299.1717 Office
Editor@TinyGems.com

TinyGems is part of the InvestorBrandNetwork.

Contact us: (310) 299-1717