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Ouster and Velodyne have accomplished their merger. The mixed firm will function beneath the identify Ouster and can commerce on the New York Inventory Alternate beneath the ticker “OUST.”
Velodyne ceased buying and selling on the NASDAQ after markets closed on the day the merger was accomplished. Every Velodyne share was exchanged for .8204 shares of Ouster widespread inventory.
The mixed firm has over 850 clients spanning the automotive, industrial, robotics and sensible infrastructure industries. Ouster expects to retain about 350 workers and can be headquartered in San Francisco, with different key places of work within the Americas, Europe and Asia-Pacific.
“We’re thrilled to have accomplished the merger with Velodyne so shortly, additional boosting our monetary place and our potential to speed up LiDAR adoption,” Angus Pacala, CEO of Ouster, mentioned. “Collectively, now we have a fair stronger group backed by a wholesome steadiness sheet, new channel companions, and a wide array of positive-margin merchandise to serve a various set of shoppers and win extra offers than ever earlier than. We anticipate our revolutionary digital LiDAR roadmap, amplified by thrilling new software program options, to additional increase our serviceable market and catalyze progress throughout the enterprise.”
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Ouster now has an mental property portfolio with 173 granted and 504 pending patents. The mixed firm has a money steadiness of over $315 million as of December 31, 2022. Ouster is on monitor to exceed its estimation that the mixed firm will save a minimum of $75 million in working prices throughout the first 9 months of the transaction’s shut.
“The mixed Ouster is stronger than ever, led by an esteemed government management group and Board with deep firm, trade, and monetary experience,” Dr. Ted Tewksbury, government chair of Ouster’s Board of Administrators, mentioned. “Ouster is properly positioned as a worldwide chief in LiDAR backed by the expertise, merchandise, and know-how roadmap to make performant and inexpensive LiDAR options pervasive whereas accelerating time to profitability and enhancing worth for stockholders.”
The mixed firm’s government management group is made up of:
- Angus Pacala, chief government officer
- Mark Frichtl, chief know-how officer
- Mark Weinswig, chief monetary officer
- Darien Spencer, chief operations officer
- Nate Dickerman, president of subject operations
- Megan Chung, normal counsel
