Growth Capital Acquisition Corp. (NASDAQ:GCAC) announced that its shareholders have approved its combination with lidar-maker Cepton in a special meeting held this morning.
Holders of approximately 72.94% of Growth Capital’s issued and outstanding shares cast votes at today’s special meeting. Although 93.82% of the votes were in favor of the business combination, GCAC disclosed that 15,589,540 shares were redeemed at $10. As a result, $155.9 million, or 90.374%, will be removed from the trust, leaving the SPAC with 1,660,460 public SPAC shares.
However, this deal has a $58.5 million PIPE anchored by existing Cepton investor, Japan-based Koito Manufacturing, a global Tier 1 automotive supplier, which matches the minimum cash closing condition of $58.5 million.
Additionally, in late November, Growth Capital signed a committed investment agreement with Lincoln Park Capital Fund (“LPC”) that gives Cepton the right, but not the obligation, to direct LPC to purchase up to an aggregate amount of $100 million of new Cepton common stock over a 36-month period.
The parties expect to close the transaction shortly and the combined company will be named “Cepton, Inc.” Its common stock and warrants are expected to start trading on the Nasdaq Capital Market following the closing under the new ticker symbols “CPTN” and “CPTNW,” respectively.
Growth Capital originally announced its $1.5 billion deal with Cepton last year on August 5. San Jose, California-based Cepton is developing lidar arrays for autonomous driving and applications in smart cities and industrial settings.
ADVISORS
- J.P. Morgan Securities LLC (“J.P. Morgan”) is serving as financial advisor to Cepton
- O’Melveny & Myers LLP is serving as legal counsel to Cepton.
- Maxim Group LLC (“Maxim”) is serving as financial advisor to Growth Capital
- Ellenoff Grossman & Schole LLP is serving as legal counsel to Growth Capital.
- J.P. Morgan is acting as lead placement agent to Growth Capital.
- Maxim is also serving as joint placement agent.
- Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to the placement agents.
- Maxim and Craig-Hallum Capital Group LLC are acting as capital markets advisors to Growth Capital.
Terms Tracker for the Week Ending June 13, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week brought three new SPAC IPOs with pricings from BEST SPAC I Acquisition Corp., Blue Acquisition Corp. and Blue Water Acquisition Corp. III. All...
Starry Sea (NASDAQ:SSEAU) has filed for a $50 million SPAC with leadership that is making its debut as SPAC officers and a broad search mandate. The new SPAC is offering investors one right to a 1/6 share in each unit and a redemption opportunity coming at the end of its 15-month initial transaction deadline if...
At the SPAC of Dawn Israel’s bombing of sites in Iran has brought a new injection of uncertainty to the markets, which appear poised to open in the red. But, this may be a temporary factor after the week has also produced better-than-expected indicators on inflation. One more data point is set to come in...
Best SPAC I Acquisition Corp. (NASDAQ:BSAAU) announced the pricing of its $55 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BSAAU”, Friday, June 13, 2025. The new SPAC plans to combine with a consumer goods company with a total enterprise value between $100 million and $600 million....
Blue Acquisition Corp. (NASDAQ:BACCU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BACCU”, Friday, June 13, 2025. The new SPAC intends to combine with a target company within a manufacturing company or data center that aligns with green energy initiatives and...