The publicly traded special-purpose acquisition company Prospector – led by Derek Aberle, the former president of Qualcomm, and chaired by Steve Altman, the former vice president of Qualcomm – has entered into a definitive business combination agreement that will result in automotive software company LeddarTech becoming a publicly listed company.
With the transaction expected to be closed by Q4 2023, it is anticipated that LeddarTech will be listed on Nasdaq under the ticker symbol LDTC.
LeddarTech is valued at an estimated pro-forma equity value of US$348m, which is expected to provide the company with up to U$66m in gross cash proceeds. This is likely to be used to fund the commercialization of the company’s first embedded software solutions, in addition to expanding product offerings and deepening customer engagements.
“We are pleased to partner with Prospector to solidify our position as a leading force in the nascent automotive software sector,” said Charles Boulanger, CEO of LeddarTech. “This collaboration is expected to provide us with the necessary capital and resources to invest in our exceptional team, and take the company to the next level by positioning the company to secure customer wins and drive growth in our business.”
Boulanger continued, “After leading the company since 2013, I have decided that I will retire as CEO once we close the transaction, at which time Frantz Saintellemy, president and COO, is expected to succeed me as LeddarTech CEO. I plan to remain with the company as a special advisor and as a member of the LeddarTech board of directors.”
Saintellemy added, “The automotive industry is increasingly recognizing that low-level sensor fusion and perception will be the architecture of choice for next-generation ADAS systems because it materially reduces system cost, eliminates sensor and processor dependencies and improves safety. We have a leading ‘software-only’ solution for low-level sensor fusion and perception that we believe will help drive the next wave of ADAS as the industry continues to move to software-defined vehicles. We are actively working with customers to integrate this disruptive technology.”
“During my tenure at Qualcomm, I experienced the tremendous value that can be created when innovative companies with foundational technologies disrupt industries,” said Derek Aberle, who is now the CEO of Prospector. “We believe LeddarTech has the potential to do just that.”
Once the transaction is closed, Aberle is expected to become chairman of the LeddarTech board of directors.
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