GRAF - A Key Self-Driving Car Supplier Is Finally Going Public Through a SPAC
Special purpose acquisition company (SPAC) Graf Industrial Corp. (NYSE: GRAF) announced earlier this month that it will acquire Velodyne Lidar, a company that supplies 3D mapping for self-driving car capabilities. After completing the acquisition sometime in the third quarter of 2020, Velodyne will become the first pure-play lidar company available for investors in the public market.
Let's take a closer look at this particular SPAC and whether it has the makings of a new potential growth stock for investors to consider.
Velodyne is a leading lidar technology company that focuses on allowing cars to become self-driving by using light detection and range lasers, which are able to create a visual representation of the surrounding environment for the vehicle's computers to use as part of self-driving operations.