Cepton Technologies and Growth Capital Acquisition Corp. announce the closing of a business combination | News

SAN JOSE, Calif.–(BUSINESS WIRE)–February 10, 2022–

Cepton Technologies, Inc. (“Cepton”), a Silicon Valley innovator and leader in high-performance MMT® lidar solutions, and Growth Capital Acquisition Corp. (“GCAC”) (Nasdaq: GCAC), today announced the completion of their business combination. The combined company has been renamed Cepton, Inc. and its common stock and warrants are expected to begin trading on the Nasdaq Capital Market under the new symbols “CPTN” and “CPTNW”, respectively, on Friday, February 11, 2022. business combination was approved at a special meeting of shareholders of GCAC on Wednesday, February 9, 2022.

“Today is an important milestone for Cepton,” said Dr. Jun Pei, Co-Founder and CEO of Cepton. “We founded Cepton with the goal of enabling safe, autonomous transportation for all, and today’s announcement is another step in making that vision a reality. As a public company, we remain focused on the goals of mass market adoption of lidar in consumer vehicles and expanding our market leadership position, while creating value for all Cepton’s stakeholders.

George Syllantavos, Co-CEO of GCAC, added: “We are delighted with the success of this business combination. Cepton is a company at the forefront of technological advancements with the largest ADAS lidar series production award known in the industry and ongoing engagements with all of the world’s top 10 OEMs. We are excited about the future and continue to support the company in its public phase.

“I am impressed with the elegant technical solutions Cepton brings to the lidar industry to meet automotive ADAS needs. I am certain that Cepton’s solutions will achieve further commercial success in automotive and other markets. Time is on Cepton’s side now that his public life has begun and his vision is on the way to fruition,” said Akis Tsirigakis, co-CEO of GCAC.

The combined company will continue to be led by Dr. Jun Pei alongside the rest of Cepton’s current management team. George Syllantavos, co-CEO of GCAC, will serve as a director of Cepton.

About Cepton Technologies, Inc.

Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (ADAS/AV), smart cities, smart spaces, and smart industrial applications. With its patented Micro Motion (MMT®) technology, Cepton aims to make lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries.

Cepton has received the highest known ADAS lidar series production award to date in the industry, based on the number of vehicle models awarded, to support General Motors’ Ultra Cruise program. Cepton is also engaged with all other Top 10 global OEMs.

Founded in 2016 and led by industry veterans with decades of collective experience in a wide range of advanced lidar and imaging technologies, Cepton is focused on mass-marketing high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, CA with a Center of Excellence in Troy, Michigan to provide local support to the OEM and Tier 1-strewn Detroit metro area. Cepton is also present in Germany, Canada, Japan, India and China to serve a rapidly growing global customer base. For more information, visit www.cepton.com and follow Cepton on Twitter and LinkedIn.

About Growth Capital Acquisition Corp.

GCAC was established as a Delaware Blank Check Company, also commonly referred to as a Special Purpose Acquisition Company (or SPAC), formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, a stock purchase, reorganization or similar business combination. with one or more companies or entities in any industry or geographic region. Prior to the business combination, GCAC was led by its co-CEOs, Akis Tsirigakis and George Syllantavos.

Advisors

JP Morgan Securities LLC (“JP Morgan”) acted as financial advisor to Cepton and O’Melveny & Myers LLP acted as legal advisor to Cepton. Maxim Group LLC (“Maxim”) served as financial advisor to Growth Capital and Ellenoff Grossman & Schole LLP served as legal advisor to Growth Capital.

JP Morgan acted as lead placement agent for Growth Capital. Maxim also served as joint placement agent. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the Placement Agents.

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

Source: Cepton Technologies, Inc.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220210005982/en/

CONTACT: Cepton Technologies, Inc. Contacts

Investors: [email protected]

Media: Faithy Li, [email protected]

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

KEYWORD INDUSTRY: SOFTWARE DATA MANAGEMENT VEHICLES/ALTERNATIVE FUELS GENERAL AUTOMOTIVE TECHNOLOGY AUTOMOTIVE AND REAL ESTATE CONSTRUCTION SEMICONDUCTOR NANOTECHNOLOGY URBAN PLANNING AUTOMOTIVE MANUFACTURING OTHER AUTOMOTIVE MANUFACTURING

SOURCE: Cepton Technologies, Inc.

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PUBLISHED: 2/10/2022 6:30 PM/DISC: 2/10/2022 6:32 PM

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