Cepton, Inc. (“Cepton”) (Nasdaq: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, recently announced the accomplishment of the USD$100 million investment (the “Investment”) of its long-time Tier 1 partner and current shareholder Koito Manufacturing Co., Ltd. (“Koito”) (TSE: 7276) on January 19, 2023.
Industry sources added that the investment in convertible preferred stock was approved by Cepton shareholders at a special meeting on January 11, 2023. The preferred shares are convertible into Cepton common shares beginning on the first anniversary of the date of issuance at an initial conversion price of $2.585 per share.
Dr. Jun Pei, co-founder and CEO of Cepton stated “We are pleased to announce the completion of the preferred stock investment that further deepens our partnership with Koito. We will use the additional capital to fund our next phase of growth, continue series production and expand our collaborative efforts to attract additional OEM programs in the automotive industry.”
Michiaki Kato, President at Koito stated “We are very pleased to have completed our third investment in Cepton, which underscores our commitment to lidar and improving the safety of motorists worldwide. This is an important year for us as we prepare to commercialize and mass produce our lidar products. We have a compelling track record of partnering with Cepton and look forward to realizing our shared goal of becoming the market leader in lidar.”