Cepton Technologies revealed that KOITO MANUFACTURING, its Tier 1 partner, will invest an additional $50 million in a Private Investment in Public Equity (PIPE) offering related to Cepton's merger with Growth Capital Acquisition Corp (GCAC). KOITO will purchase 5 million shares at $10 each, bolstering Cepton's advancement in lidar solutions for Advanced Driver Assistance Systems (ADAS) and autonomous vehicles. Their collaboration led to a significant series production award from a major automotive OEM, emphasizing the growing demand for reliable lidar technologies.
Cepton Technologies is merging with Growth Capital Acquisition Corp (Nasdaq: GCAC), valuing Cepton at approximately $1.5 billion. This follows Cepton's achievement of the largest ADAS lidar series production award from a leading automotive OEM, gearing up for deployment in 2023. Post-merger, the newly named Cepton Inc. will trade under ticker CPTN, with expected gross proceeds of about $231 million, partly from a PIPE investment by KOITO Manufacturing. This strategic move is aimed at expanding Cepton's lidar technology in the mass market, enhancing vehicle safety.