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-LeddarTech becomes a publicly traded company after completing business combination with Prospector Capital Corp., and will begin trading on Nasdaq under the symbol "LDTC"
QUEBEC, Dec. 21, 2023 /PRNewswire/ -- LeddarTech®, an automotive software company offering patented AI-based low-level sensor fusion and perception software technology for advanced driver assistance systems (ADAS) and autonomous driving (AD), is pleased to announce the completion of its business combination, previously announced on June 13, 2023 with Prospector Capital Corp. ("Prospector") (formerly Nasdaq: PRSR, PRSRU, PRRSW) today. Beginning at the opening of trading on December 22, 2023, LeddarTech's common shares and warrants to purchase common shares will be listed on the Nasdaq Global Market under the symbols "LDTC" and "LDTCW," respectively.
As an automotive-only software company, LeddarTech provides a critical piece of the software stack for ADAS and AD. LeddarTech's technology provides vehicles with better environmental understanding models, that is, a substantially improved real-time 3D view of the vehicle's environment, which is the basis for making a vehicle intelligent. Its AI-based low-level sensor fusion software approach helps reduce OEM and Tier 1 development and system costs, improve performance, and reduce maintenance overhead.
LeddarTech's unique software solution comes to market at a time when the automotive industry is at a critical inflection point. OEMs and Tier 1-2 suppliers are equipping vehicles with more sensors than ever, with the promise of greater safety through improved ADAS applications that will lead to fully autonomous driving in the future. The industry has embarked on a transition toward “software-defined vehicles,” causing OEMs to think “software-first” for better-integrated, cost-effective and flexible vehicle architectures that are easier to maintain and upgrade with continuous upgrades. of software. ADAS software represents the largest market within automotive software, expected to grow at a CAGR of 11% to reach US$42 billion by 20301.
"It has been a privilege to have served as CEO of LeddarTech for the past ten years. I am very pleased to have achieved this important milestone of becoming a public company after completing our business combination with Prospector. Since announcing the transaction, LeddarTech has raised $58.6 million in gross capital ($44 million via convertible PIPE and $14.6 million from SPAC trust) to support the adoption and growth of LeddarTech's technology. The partnership with Prospector, combined with this increase in working capital, will help further solidify our position in the automotive software sector," said outgoing CEO Charles Boulanger. "As previously announced, Frantz Saintellemy, our long-time President and COO, will now assume the role of CEO to lead LeddarTech into this next phase of the company's growth. I look forward to continuing to serve the company as a member. of the Board of Directors of LeddarTech," concluded Boulanger.
"On behalf of myself, LeddarTech employees, our board and investors, I sincerely thank Charles for the tremendous work he has done to bring LeddarTech over the past ten years to where it is today," said the CEO. newly appointed CEO of LeddarTech, Frantz Saintellemy. "I am delighted to take on the additional responsibility of becoming CEO of LeddarTech and leading our team into the future. The market opportunity is tremendous and the reception our exciting automotive software continues to receive from several OEM and Tier 1 customers convinces me to that LeddarTech will become a dominant supplier of automotive software in the future," concluded Saintellemy.
"Based on my experience at Qualcomm, I believe LeddarTech is poised to be a disruptive leader in providing safer, higher performing and less expensive software-based solutions for ADAS and AD," said Derek Aberle, recently named president of the LeddarTech board of directors. and former CEO of Prospector. "I am very excited about the opportunity to work closely with Frantz and the rest of the leadership team to establish LeddarTech as a global leader in ADAS and AD software as we look to capture a significant portion of this large and growing market."
TD Cowen acts as exclusive financial advisor to Prospector. Stikeman Elliott LLP and Vedder Price P.C. represent LeddarTech as legal advisors. Osler, Hoskin and Harcourt LLP and White
LeddarTech, a global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal, Toronto and Tel Aviv, Israel, develops and provides comprehensive low-level sensor fusion and perception software solutions. based on AI that allow the implementation of ADAS and autonomous driving (AD) applications. LeddarTech's automotive-grade software applies advanced computer vision and artificial intelligence algorithms to generate accurate 3D models of the environment for better decision-making and safer navigation. This cost-effective, scalable, high-performance technology is available for OEMs and Tier 1-2 suppliers to efficiently deploy ADAS solutions for automobiles and off-road vehicles.
LeddarTech is responsible for several innovations in remote sensing, with over 150 patent applications (80 granted) improving ADAS and AD capabilities. Greater vehicle awareness is critical to making global mobility safer, more efficient, sustainable and affordable – this is what drives LeddarTech to seek to become the most adopted sensor fusion and perception software solution.
Additional information about LeddarTech can be accessed at www.LeddarTech.com and on LinkedIn, Twitter (X), Facebook and YouTube.
About Prospector Capital Corp.
Prospector is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses with a focus on companies with advanced and highly differentiated for the technology sector. The company is led by a team of experienced investors and executives (including two former Qualcomm presidents) focused on identifying and investing in high-growth companies with strong management teams and attractive market opportunities. Prospector securities trade on Nasdaq under the ticker symbols "PRSR", "PRSRU" and "PRSRW".
Certain statements contained in this press release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. (which forward-looking statements will also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, without limitation, statements regarding the listing of LeddarTech's common shares and warrants to purchase common shares on Nasdaq and statements relating to LeddarTech's anticipated strategy, future operations, outlook, financial objectives and projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend on or refer to future events or conditions, and include words such as "may," "will," "should," "expect," "anticipate," "plan," "probable", "believe", "estimate", "project", "intend", and other similar expressions, among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statements as a result of various factors, including, but not limited to: (i) the possibility that the anticipated benefits of the business combination will not be realized, and the anticipated tax treatment of the business combination. business combination; (ii) the risk that shareholder litigation in connection with the business combination or other agreements or investigations could result in significant costs of defense, indemnification and liability; (iii) changes in general and/or industry-specific economic conditions; (iv) potential disruptions resulting from the business combination that could harm LeddarTech's business; (v) LeddarTech's ability to retain, attract and hire key personnel; (vi) potential adverse reactions or changes in relationships with customers, employees, suppliers or other parties resulting from the completion of the business combination; (vii) potential business uncertainty, including changes in existing business relationships following the business combination that could affect LeddarTech's financial performance; (viii) legislative, regulatory and economic developments; (ix) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreaks of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as the management response to any of the aforementioned factors; (x) access to capital and financing and LeddarTech's ability to maintain compliance with debt covenants; and (xi) other risk factors as detailed from time to time in LeddarTech and Prospector's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including risk factors contained in LeddarTech's final prospectus. LeddarTech filed with the SEC on December 4, 2023. The above list of important factors is not exhaustive. Except as required by applicable law, LeddarTech undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Inc. and its affiliates. All other brands, product names and brands are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact: Daniel Aitken, Vice President, Global Marketing, Communications and Investor Relations, LeddarTech Inc. Tel.: 1-418-653-9000 ext. 232 daniel.aitken@LeddarTech.com; Investor relations website: investors.LeddarTech.com; Investor Relations Contact: Kevin Hunt, ICR Inc., email@example.com; financial media contact: Dan Brennan, ICR Inc., firstname.lastname@example.org
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