2023-06-13 07:38:46 ET
- Automotive software company LeddarTech has agreed to enter into a business combination with the special purpose acquisition company, Prospector Capital ( NASDAQ: PRSR ).
- The transaction, approved by both the boards, values LeddarTech at a pro-forma equity value of $348M.
- The agreement would result in the company becoming a publicly-listed company, and is expected to be listed on Nasdaq under the ticker symbol LDTC.
- The transaction is expected to close by Q4.
- Prospector's CEO, Derek Aberle, is expected to become chairman of the company's board at the close of transaction.
- The combined entity will receive ~$23M from Prospector’s trust account, as well as $43M in gross proceeds from investors including Prospector's sponsor, FS Investors, Investissement Québec as a representative of the Government of Québec, Desjardins Capital and BDC Capital.
- Source: Press Release
For further details see:
Automotive software company LeddarTech to merge with Prospector Capital