- Auto parts company Koito Manufacturing ( OTCPK:KOTMY ), a shareholder in the lidar-based solutions company Cepton ( NASDAQ: CPTN ), intends to invest up to $100M in the latter.
- The proceeds, in the form of convertible, non-voting preferred stock, will be used to fund Cepton's next stage of growth.
- The intended investment would be Koito's third in CPTN since 2020.
- The investment is subject to, among other things, negotiation of key transaction terms, entry into definitive agreements, the approval of Cepton's shareholders and satisfaction of applicable closing conditions.
- CPTN shares were trading +23.70% post-market.
- Source: Press Release
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Koito Manufacturing intends to invest up to $100M in Cepton