Technology
Baidu-backed vehicle sensor manufacturer said he was in talks to go to the public
Graf Industrial Corp, a white check company is negotiating a merger with the Baidu-backed Lidar Velodin, which will make public, according to people who are familiar with the matter, the manufacturer of sensors in automatic vehicles.
Graf Industrial partners with a contractor to collect the funds for the future sale, the people who asked not to be named because it was not official. No agreement has been reached and one of the people said that Graf Industrial may want to follow another goal.
Graf Industrial, headquartered in Houston, increased the news to 30% and ended its stock with a historic $15. That gave the Group a market cap of around $457 million.
Graf Industrial's and Velodyne 's executives declined to comment.
Elodyne produces radar-like devices that utilize lasers to create three-dimensional pictures of an area for self-driving cars. The development, according to its website, is used by automobile makers including Mercedes-Benz and Ford Motor Co.
Chinese internet search companies include Baidu and Ford, who collectively invested US$ 150 million in Velodyne in 2016.
Business Insider then reported that Velodyne hired bankers to go into public last year and wanted to overcome his last $1.8 billion private assessment.
The first public offering in 2018 picked in $225 million from Graf Industrial, a special purpose acquisition corporation called SPAC.
The firm confirmed in April that it was working with the polypropylene processing corporation PureCycle Technologies.
Fusion with a blank-check company has been a common route for businesses to become public as the pandemic of coronavirus expands markets.
In April, the online gambling company DraftKings fused with SPAC while this month SPAC deales with the potato crisp making company Utz Quality Foods and the group fitness company F45 Training Holdings.
