Cepton Applied sciences and Progress Capital Acquisition Corp. Announce Closing of Enterprise Mixture

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SAN JOSE, Calif., February 10, 2022–(BUSINESS WIRE)–Cepton Applied sciences, Inc. (“Cepton”), a Silicon Valley innovator and chief in high-performance MMT® lidar options and Progress Capital Acquisition Corp. (“GCAC”) (Nasdaq: GCAC), introduced immediately the completion of their beforehand introduced enterprise mixture. The mixed firm has been renamed Cepton, Inc. and its widespread inventory and warrants are anticipated to start buying and selling on the Nasdaq Capital Market underneath the brand new ticker symbols “CPTN” and “CPTNW”, respectively, on Friday, February 11, 2022. The enterprise mixture was authorized at a particular assembly of GCAC’s stockholders on Wednesday, February 9, 2022.

“Right this moment is a particular milestone for Cepton,” stated Dr. Jun Pei, Cepton’s Co-Founder and CEO. “We based Cepton with the purpose of enabling secure and autonomous transportation for everybody, and immediately’s announcement is one other step in making that imaginative and prescient a actuality. As a public firm we stay centered on the targets of mass-market lidar adoption in shopper autos and increasing our market management place, whereas driving worth for all of Cepton’s stakeholders.”

George Syllantavos, co-CEO of GCAC, added, “We’re thrilled with the profitable completion of this enterprise mixture. Cepton is an organization on the forefront of technological developments with the biggest recognized ADAS lidar sequence manufacturing award within the business and ongoing engagements with all the High 10 world OEMs. We’re excited in regards to the future and persevering with to help the corporate in its public part.”

“I’m impressed by the elegant technical options that Cepton is bringing to the lidar business in addressing automotive ADAS wants. I’m sure that Cepton’s options will achieve additional industrial success in automotive and different markets. Time works in Cepton’s favor now that its public life has started, and its imaginative and prescient is on monitor to materialize,” stated Akis Tsirigakis, co-CEO of GCAC.

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The mixed firm will proceed to be led by Dr. Jun Pei alongside the remainder of the present Cepton administration crew. George Syllantavos, co-CEO of GCAC, will function a director of Cepton.

About Cepton Applied sciences, Inc.

Cepton is a Silicon Valley innovator of lidar-based options for automotive (ADAS/AV), sensible cities, sensible areas and sensible industrial purposes. With its patented Micro Movement Know-how (MMT®), Cepton goals to take lidar mainstream and obtain a balanced method to efficiency, price and reliability, whereas enabling scalable and clever 3D notion options throughout industries.

Cepton has been awarded the biggest recognized ADAS lidar sequence manufacturing award within the business up to now, primarily based on the variety of car fashions awarded, to help Common Motors’ Extremely Cruise program. Cepton can also be engaged with all different High 10 world OEMs.

Based in 2016 and led by business veterans with a long time of collective expertise throughout a variety of superior lidar and imaging applied sciences, Cepton is targeted on the mass market commercialization of excessive efficiency, top quality lidar options. Cepton is headquartered in San Jose, CA and has a middle of excellence facility in Troy, MI to supply native help to the OEM and Tier 1-studded Metro Detroit space. Cepton additionally has a presence in Germany, Canada, Japan, India and China to serve a fast-growing world buyer base. For extra info, go to www.cepton.com and observe Cepton on Twitter and LinkedIn.

About Progress Capital Acquisition Corp.

GCAC was fashioned as a Delaware clean test firm, additionally generally known as a particular goal acquisition firm (or SPAC), fashioned for the aim of getting into right into a merger, capital inventory change, asset acquisition, inventory buy, reorganization or related enterprise mixture with a number of companies or entities in any business or geographic area. Previous to the enterprise mixture, GCAC was led by its Co-Chief Govt Officers, Akis Tsirigakis and George Syllantavos.

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Advisors

J.P. Morgan Securities LLC (“J.P. Morgan”) served as monetary advisor to Cepton and O’Melveny & Myers LLP served as authorized counsel to Cepton. Maxim Group LLC (“Maxim”) served as monetary advisor to Progress Capital and Ellenoff Grossman & Schole LLP served as authorized counsel to Progress Capital.

J.P. Morgan acted as lead placement agent to Progress Capital. Maxim additionally served as joint placement agent. Skadden, Arps, Slate, Meagher & Flom LLP served as authorized counsel to the location brokers.

Maxim and Craig-Hallum Capital Group LLC acted as capital markets advisors to Progress Capital. RBC Capital Markets acted as capital markets advisor to Cepton.

Supply: Cepton Applied sciences, Inc.

View supply model on businesswire.com: https://www.businesswire.com/information/dwelling/20220210005982/en/

Contacts

Cepton Applied sciences, Inc. Contacts
Buyers: [email protected]
Media: Faithy Li, [email protected]