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Ouster and Velodyne have accomplished their merger. The mixed firm will function below the title Ouster and can commerce on the New York Stock Exchange below the ticker “OUST.”
Velodyne ceased buying and selling on the NASDAQ after markets closed on the day the merger was accomplished. Each Velodyne share was exchanged for .8204 shares of Ouster frequent inventory.
The mixed firm has over 850 clients spanning the automotive, industrial, robotics and sensible infrastructure industries. Ouster expects to retain about 350 workers and might be headquartered in San Francisco, with different key places of work within the Americas, Europe and Asia-Pacific.
“We’re thrilled to have completed the merger with Velodyne so quickly, further boosting our financial position and our ability to accelerate LiDAR adoption,” Angus Pacala, CEO of Ouster, stated. “Together, we have an even stronger team backed by a healthy balance sheet, new channel partners, and a wide selection of positive-margin products to serve a diverse set of customers and win more deals than ever before. We expect our innovative digital LiDAR roadmap, amplified by exciting new software solutions, to further expand our serviceable market and catalyze growth across the business.”
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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 not less than $75 million in working prices throughout the first 9 months of the transaction’s shut.
“The combined Ouster is stronger than ever, led by an esteemed executive leadership team and Board with deep company, industry, and financial expertise,” Dr. Ted Tewksbury, govt chair of Ouster’s Board of Directors, stated. “Ouster is well positioned as a global leader in LiDAR backed by the talent, products, and technology roadmap to make performant and affordable LiDAR solutions pervasive while accelerating time to profitability and enhancing value for stockholders.”
The mixed firm’s govt management staff 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