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Velodyne ceased trading on the NASDAQ after markets closed on the day the merger was completed. Each Velodyne share was exchanged for .8204 shares of Ouster common stock.
The combined company has over 850 customers spanning the automotive, industrial, robotics and smart infrastructure industries. Ouster expects to retain about 350 employees and will be headquartered in San Francisco, with other key offices in 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, said. “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 intellectual property portfolio with 173 granted and 504 pending patents. The combined company has a cash balance of over $315 million as of December 31, 2022. Ouster is on track to exceed its estimation that the combined company will save at least $75 million in operating costs within the first 9 months of the transaction’s close.
“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, executive chair of Ouster’s Board of Directors, said. “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 combined company’s executive leadership team is made up of:
- Angus Pacala, chief executive officer
- Mark Frichtl, chief technology officer
- Mark Weinswig, chief financial officer
- Darien Spencer, chief operations officer
- Nate Dickerman, president of field operations
- Megan Chung, general counsel