AEye and Cantor Fitzgerald's SPAC (CFAC) Amend Merger to Lower Valuation from $1.9B to $1.52B

May 3, 2021 10:06 AM EDT

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Recent valuation changes of publicly-traded lidar companies and changing conditions in the automotive lidar industry have prompted AEye and CF Finance Acquisition Corp. III (NASDAQ: CFAC), a SPAC sponsored by Cantor Fitzgerald, to amend their previous merger agreement, two companies said in the statement.

A new agreement values AEye at $1.52 billion at the closing of the transaction, compared to $1.9 billion at the time of the merger announcement in February 2021.

The gross proceeds from the transaction are expected to be up to $455 million.

“AEye is very well positioned to transition into the public market. We have a substantial opportunity across the automotive, mobility, and industrial markets as we prepare the company for volume production in 2022,” said Blair LaCorte, Chief Executive Officer of AEye.

“AEye’s next-generation active lidar system leverages deterministic artificial intelligence and software configurability to deliver industry leading performance. The company is uniquely structured with a high-margin, capital light business model that leverages the world’s largest Tier 1s as channel partners.”

Upon closing, AEye will trade on Nasdaq under the ticker symbol "LIDR".

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