Prospector Capital Corp. approves combination with LeddarTech
by CM Staff
LeddarTech's automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation.
QUEBEC CITY — LeddarTech Inc.®, an automotive software company that provides patented AI-based low-level sensor fusion and perception software technology for ADAS and AD, and Prospector Capital Corp., a publicly traded special-purpose acquisition company led by former Qualcomm President Derek Aberle and chaired by former Qualcomm Vice Chairman Steve Altman, announced that Prospector’s shareholders voted to approve the previously announced business combination between Prospector and LeddarTech Holdings Inc., at the general meeting of Prospector’s shareholders held on December 13, 2023.
Voters representing over 85% of the issued and outstanding ordinary shares of Prospector cast votes in favor of the proposal in connection with the business combination at the Extraordinary General Meeting. Prospector shareholders also voted to approve all other proposals presented at the Extraordinary General Meeting. In connection with the Extraordinary General Meeting, shareholders holding an aggregate of 855,440 Prospector Class A ordinary shares exercised their right to redeem their Prospector Class A Shares for approximately US$ 10.91 per share of the funds held in Prospector’s trust account, leaving approximately US$ 14.6 million in cash in the trust account after satisfaction of such redemptions. 1,338,616 Prospector Class A Shares (representing approximately 60% of the total Prospector Class A Shares prior to redemptions) will remain outstanding after satisfaction of such redemptions. Prospector plans to file the results of the Extraordinary General Meeting, as tabulated by the inspector of elections, with the Securities and Exchange Commission (the “SEC”) on a Current Report on Form 8-K.
Upon closing of the transaction, which the parties are working expeditiously to effect, the combined company will operate as LeddarTech Holdings Inc. and is expected to be listed on Nasdaq under the ticker symbol “LDTC”, with warrants under the ticker symbol “LDTCW.”
LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This scalable technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.
