Lidar makers Ouster and Velodyne complete their merger, creating a sector powerhouse
Publishing timestamp: 2023-02-13 16:00:52
Summary
Ouster and Velodyne have merged into a new company that will retain the Ouster name. The merger creates a lidar powerhouse with more than 850 customers and about $315 million in cash on hand. The combined company will have positive gross margins and is expected to save about $75 million in the first nine months after the transaction closes. Velodyne shareholders will receive 0.8204 shares of Ouster stock for each Velodyne share they held.
Sentiment: POSITIVE
Keywords: business, climate, ouster inc, velodyne lidar inc, fabrinet, technology, benchmark electronics inc, transportation, business news,
Source: https://www.cnbc.com/2023/02/13/lidar-makers-ouster-velodyne-merger.html