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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 Trade 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 staff and might be headquartered in San Francisco, with different key workplaces 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 skill to speed up LiDAR adoption,” Angus Pacala, CEO of Ouster, stated. “Collectively, we’ve an excellent stronger workforce backed by a wholesome stability sheet, new channel companions, and a big selection of positive-margin merchandise to serve a various set of consumers and win extra offers than ever earlier than. We count on our progressive digital LiDAR roadmap, amplified by thrilling new software program options, to additional develop our serviceable market and catalyze development 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 stability of over $315 million as of December 31, 2022. Ouster is on monitor to exceed its estimation that the mixed firm will save no less than $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 govt management workforce and Board with deep firm, business, and monetary experience,” Dr. Ted Tewksbury, govt chair of Ouster’s Board of Administrators, stated. “Ouster is nicely positioned as a worldwide chief in LiDAR backed by the expertise, merchandise, and expertise roadmap to make performant and reasonably priced LiDAR options pervasive whereas accelerating time to profitability and enhancing worth for stockholders.”
The mixed firm’s govt management workforce is made up of:
- Angus Pacala, chief govt officer
- Mark Frichtl, chief expertise officer
- Mark Weinswig, chief monetary officer
- Darien Spencer, chief operations officer
- Nate Dickerman, president of subject operations
- Megan Chung, normal counsel