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.
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...
Trump Media (NASDAQ:DJT) is down about -15% in the pre-market following the filing of its first S-1 since closing its combination with Digital World, and this includes the issuance of the 21,491,251 shares. Of these, 14,375,000 are to be made available for those exercising warrants while the rest would go out to note holders from...