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Shares of Graf Industrial (NYSE: GRAF) were trading sharply higher on Wednesday. Graf, a special purpose acquisition company that has agreed to merge with lidar maker Velodyne Lidar, released an upbeat guidance update for Velodyne and confirmed that the merger is on track to close by the end of this month.
As of 11:30 a.m. EDT, Graf's shares were up about 12.8% from Tuesday's closing price.
Graf and Velodyne updated the guidance they released when the merger was first announced in early July, and there was good news to share.