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Velodyne Lidar and Graf Industrial Corp (NYSE:GRAF) have set a date to vote on their merger.
What Happened: Shareholders will vote Sept. 29 to approve Velodyne Lidar going public via a SPAC.
Shares will trade on the NASDAQ under the ticker symbol "VLDR" if the deal is approved.
Why It’s Important: Velodyne Lidar is one of the world’s leading lidar technology companies. The company has strategic investments with Ford Motor Company (NYSE:F) and Baidu Inc (NASDAQ:BIDU).
Velodyne announced in a business update that it had signed additional multiyear customer agreements.
Customer agreements now account for $970 million in revenue through 2024 in the company's outlook, an increase of $130 million since the merger was announced.
Velodyne reaffirmed a revenue estimate of $101 million for fiscal 2020.
A previous outlook called for revenue to hit $680 million in fiscal 2024.
Rival lidar company Luminar, a leader in the automotive industry, is also going public via a SPAC.
Gores Metropoulos (NASDAQ:GMHI) is taking Luminar public with a $3.4-billion valuation. Velodyne was valued at $1.8 billion at the time of its announced deal.
GRAF Price Action: Shares of Graf Industrial ended Tuesday's session down 2.29% at $25.62.
The Twinny Nargo, an autonomous freight robot with Velodyne technology. Photo courtesy of Velodyne.
