Koito Manufacturing has committed $50m to a PIPE deal supporting the lidar sensor provider’s reverse merger with Nasdaq-listed GCAC.

Cepton Technologies, a US-based lidar technology developer backed by car lighting equipment provider Koito Manufacturing, has agreed a reverse takeover with special purpose acquisition company Growth Capital Acquisition Corp (GCAC).

The combined company will take the spot on the Nasdaq Capital Market held by GCAC, which is sponsored by Growth Capital Sponsor, an affiliate of investment banking firm Maxim Group. It was secured through a $150m initial public offering in January this year.

The transaction includes a $58.5m private…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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