LeddarTech, an automotive software company, recently announced the completion of its business combination with Prospector Capital Corp. The trading of LeddarTech stock on the Nasdaq Global Market commenced last week.
The company specializes in creating environmental sensing solutions for vehicles and advanced driver assistance systems (ADAS). Their product range includes AI-based low-level sensor fusion and perception ADAS and autonomous driving (AD) software. These perception solutions are employed in autonomous cars to mitigate risks and expedite development cycles, as per the information available on the company's "about" page.
Frantz Saintellemy, LeddarTech’s newly appointed CEO, expressed his enthusiasm about his additional responsibilities in a press release announcing the merger's completion. He said, "I am delighted to take on the additional responsibility of becoming CEO of LeddarTech and to lead our team into the future. The market opportunity is tremendous, and the reception that our exciting automotive software continues to receive from various Tier 1 and OEM customers convinces me that LeddarTech will become a predominant automotive software supplier in the future."
Following the merger's completion, Prospector Capital Corp ceased trading on the Nasdaq Global Market, according to a news release dated December 29.
Derek Aberle, Chairman of LeddarTech's Board and former CEO of Prospector Capital Corp, voiced his optimism about LeddarTech's potential in a statement. Aberle said, "Based on my experience at Qualcomm, I believe LeddarTech is poised to be a disruptive leader in supplying safer, higher-performing and less expensive software-based solutions for ADAS and AD. 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 seek to capture a significant portion of this large and growing market."
A special meeting was held by Prospector Capital Corp shareholders on December 13. Voters, who held 85% of the issued and outstanding shares of Prospector, cast votes in favor of the proposal related to the business combination, as per a news release dated December 19. The deal was anticipated to close on December 15 but did not. Instead, the issuance of additional Prospector Class A Share for non-redeemed Prospector Class A Shares to shareholders took place on December 21 when the merger was finalized.