Prospector (NASDAQ:PRSR) closed its combination with autonomous driving firm LeddarTech and the combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “LDTC” and “LDTCW” at the opening bell December 22.
The SPAC’s shareholders approved the combination at a special meeting December 13 and the company raked in $58.6 million in gross proceeds in the end, made up of a $44 million convertible PIPE and $14.6 million in SPAC trust proceeds.
At close, Prospector’s public shareholders received one bonus share for each share they continued to hold and did not redeem while Prospector’s promote shares each split into 0.75 ordinary shares and 0.25 special non-voting shares.
Prospector initially announced its $348 million business combination with LeddarTech in June. The Québec City-based company is developing a software suite to help vehicles process information from sensors for autonomous and assisted driving platforms.
It has been working on these solutions since its founding in 2007 and has racked up about 80 patents in the process with 70 more pending.
Earlier this month, it partnered with Austria-based TTTech on an integrated platform using TTTech’s AI-based vehicle identification technology.
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