It’s official now: Velodyne LiDAR becomes a public company through reverse merging with Graf Industrial.
“Graf Industrial Corp. (NYSE: GRAF). GRAF and Velodyne have successfully raised $ 150MM in equity from a group of institutional investors, subject to completion of the transaction. This transaction is being structured as a reverse merger where existing Velodyne shareholders will own the majority of the go-forward company. The funds raised will be combined with up to $ 117M that GRAF had already raised from its existing investors. We are targeting to finalize the combination toward the end of Q3 2020, following approval by GRAF’s shareholders. At that time, Velodyne will become a publicly-traded company and we expect to be listed on the NYSE under a new ticker symbol, VLDR.“
Why should it be interesting for everybody? Because Velodyne becomes the first pure-play LiDAR company that would disclose its financial results every quarter. Now, everybody can see how LiDAR business looks from inside and dynamics of the LiDAR market. The first public disclosure is below: