NKLA - Why Shares of Velodyne Lidar Acquirer Graf Industrial Are Trading Lower Today
Shares of Graf Industrial (NYSE: GRAF) were trading lower on Tuesday, amid a broader sell-off of stocks in companies focused on the future of transportation.
As of 11 a.m. EDT, Graf's shares were down about 5.4% from Monday's closing price.
Graf is a special-purpose acquisition company that last week announced a deal to merge with Velodyne Lidar, the largest maker of lidar sensors. Velodyne's lidar sensors are used by highly automated and prototype self-driving vehicles, as well as by some types of robots. A lidar sensor uses invisible lasers to make detailed images of its surroundings; those images can then be compared to a detailed 3D map to help the vehicle or robot know exactly where it is at any moment.