Cepton’s 1-for-10 Reverse Stock Split Becomes Effective
21 Setembro 2023 - 6:30PM
Business Wire
The Company's Common Stock will begin trading
on a split-adjusted basis on September 22, 2023
Cepton, Inc. (“Cepton” or the “Company”) (Nasdaq: CPTN), a
Silicon Valley innovator and leader in high performance lidar
solutions, announced today that its previously announced 1-for-10
reverse stock split (“Reverse Stock Split”) of its common stock,
par value $0.00001 per share (“Common Stock”) became effective on
Thursday, September 21, 2023 at 5:00 p.m. Eastern Time (“Effective
Time”). The Company's Common Stock will begin trading on a
split-adjusted basis on the Nasdaq Stock Market at the open of
trading on September 22, 2023 under the existing symbol “CPTN” and
new CUSIP number 15673X200.
The Reverse Stock Split affected all issued shares of Common
Stock. As a result of the Reverse Stock Split, every 10 shares of
Common Stock issued as of the Effective Time were automatically
combined into one share of Common Stock. No fractional shares were
issued as a result of the Reverse Stock Split. Stockholders who
would otherwise be entitled to a fractional share of Common Stock
are instead entitled to receive a cash payment (without interest)
in an amount equal to their respective pro rata share of the total
proceeds of the sale of the aggregated fractional shares net of any
brokerage and other costs incurred to sell such shares. The Reverse
Stock Split affected all stockholders uniformly and did not alter
any stockholder’s percentage interest in the Company’s outstanding
Common Stock, except for adjustments that may result from the
treatment of fractional shares, as described above.
The terms of outstanding warrants and equity-based awards
(including exercise price and number of shares issuable thereunder)
were proportionately adjusted, in accordance with the terms of the
applicable agreement. Specifically, every 10 shares of Common Stock
that may be purchased pursuant to the exercise of warrants prior to
the Effective Time represent one share of Common Stock that may be
purchased pursuant to such warrants following the Effective Time.
The exercise price for each warrant following the Effective Time
equals the product of 10 multiplied by the exercise price prior to
the Effective Time; accordingly, the exercise price for the
Company’s warrants trading under the symbol “CPTNW” is $115.00. The
CUSIP numbers for the Company’s warrants did not change.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “objective,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target,”
“milestone,” “designed to,” “proposed” or other similar expressions
that predict or imply future events, trends, terms and/or
conditions or that are not statements of historical matters. Cepton
cautions readers of this press release that these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond Cepton’s
control, that could cause the actual results to differ materially
from the expected results. These forward-looking statements
include, but are not limited to, statements regarding the Company’s
expectations regarding the Reverse Stock Split. These
forward-looking statements should not be relied upon as
representing Cepton’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements. Cepton undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events.
About Cepton
Cepton is a Silicon Valley innovator of lidar-based solutions
for automotive (ADAS/AV), smart cities, smart spaces, and smart
industrial applications. With its patented lidar technology, Cepton
aims to take lidar mainstream and achieve a balanced approach to
performance, cost and reliability, while enabling scalable and
intelligent 3D perception solutions across industries.
Cepton has been awarded a significant ADAS lidar series
production award with Koito on the General Motors business. Cepton
is also engaged with all Top 10 global OEMs.
Founded in 2016 and led by industry veterans with decades of
collective experience across a wide range of advanced lidar and
imaging technologies, Cepton is focused on the mass market
commercialization of high performance, high quality lidar
solutions. Cepton is headquartered in San Jose, CA and has a center
of excellence facility in Troy, MI to provide local support to
automotive customers in the Metro Detroit area. Cepton also has a
presence in Germany, Canada, Japan, India and China to serve a
fast-growing global customer base. For more information, visit
www.cepton.com and follow Cepton on Twitter and LinkedIn.
Information on or that can be accessed through our website, our
Twitter account, our LinkedIn account, or that is contained in any
website to which a hyperlink is provided herein is not part of this
press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230921965619/en/
Investors: InvestorRelations@cepton.com Media: Faithy Li,
media@cepton.com
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