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.
Pelican Acquisition Corp. (NASDAQ:PELIU) announced the pricing of its $75 million IPO and its units began trading on the Nasdaq under the symbol “PELIU”, Friday, May 23, 2025. The new SPAC aims to combine with a technology company with a defensible market position that would benefit from being publicly traded in the US. Pelican’s management...
Cohen Circle II (NASDAQ:CCIIU) has filed for a $220 million SPAC marking the second wave of the Betsy Cohen team’s return to the market in the burgeoning 2024/2025 cycle. The new SPAC brings slightly less warrant coverage than its predecessor Cohen Circle I (NASDAQ:CCIR) with a 1/4 warrant in each of its units as opposed...
A Paradise (NASDAQ:APADU) has filed for a $200 million SPAC to get a fresh Asia-focused vehicle on the road with a leader that has steered several SPACs before. The new SPAC continues underwriter Cohen & Company’s warpath as its 15th SPAC put on file this year, with the firm’s 12th SPAC IPO debut set for...
On this week’s SPACInsider REPLAY, we revisit a 2022 conversation with Harry Sloan of the Eagle SPACs. At the time, Harry had already completed seven SPACs and was closing in on his eighth. As markets cooled and the SPAC boom waned, Harry offered a prescient take on where the market was headed—and what a “post-boom”...
At the SPAC of Dawn Betsy Cohen’s team is back with a new S-1 filing for Cohen Circle II (NASDAQ:CCIIU). The filing is good news for the health of the SPAC market as it represents something of a second wave of SPACs by the serial sponsor teams. Cohen Circle I (NASDAQ:CCIR) listed in October 2024...