Cepton, Inc. (NASDAQ:CPTN) shares moved higher before Friday’s opening bell after the company said it had received a non-binding indication of interest from Koito Manufacturing to acquire all the company’s shares not already owned by Koito and certain other potential rollover participants.
The company said its Board of Directors, through a special committee, will evaluate Koito’s indication of interest within the context of its ongoing review of various alternatives.
No further announcements about any of the various alternatives being evaluated by the Board or special committee will be made until it has approved a specific transaction or otherwise determines that further disclosure is appropriate, the company added.
It noted that Koito stated in its indication of interest that any potential agreement between Cepton and Koito would be contingent on certain conditions, including the completion of a due diligence review, the retention of key employees and the negotiation of a transaction structure.
Cepton shares added 6.3% at US$3.53 before the stock market opened on Friday after adding 16.9% at Thursday's close.
Cepton is the Silicon Valley innovator of lidar-based solutions for automotive, smart cities, smart spaces and smart industrial applications.