San Francisco-based LiDAR sensor company Ouster ( NYSE: OUST ) announced the completion of a merger with Velodyne ( NASDAQ: VLDR ) on Monday.
The two companies indicated that their combination will create a stronger company as they seek to capitalize on demand for LiDAR technology. Additionally, the newly combined company will be able to operate with a stronger balance sheet as “over $315M in combined cash: and “ annual cost savings in excess of $75M” are expected to result from the merger.
“We’re thrilled to have completed the merger with Velodyne so quickly, further boosting our financial position and our ability to accelerate lidar adoption,” Ouster CEO Angus Pacala said. “Together, we have an even stronger team backed by a healthy balance sheet, new channel partners, and a wide selection of positive-margin products to serve a diverse set of customers and win more deals than ever before.”
The new company will trade under the existing OUST ticker. Shares of Ouster ( OUST ) rose over 10% in premarket trading on Monday.
Read more on the original merger proposal made in late 2022 .
For further details see:
Ouster and Velodyne complete merger