Cepton Signs Definitive Agreement to Sell to Koito

Palo Alto – July 29, 2024 – Cooley advised the special committee of the board of directors of Cepton, a Silicon Valley innovator and leader in high-performance light detection and ranging (lidar) solutions, on Cepton’s definitive agreement to be acquired by Koito, a top automotive tier-one supplier. Cepton stockholders will receive $3.17 per share in cash, which represents a premium of approximately 25.3% to the closing price as of July 26, 2024. The transaction is expected to close in the first quarter of 2025, subject to the approval of Cepton’s stockholders representing at least a majority of the outstanding shares, regulatory approvals and other customary closing conditions. After the transaction, Cepton will operate as a privately held indirect subsidiary of Koito in the US.

Lawyers Steven Tonsfeldt and Jenny Ge led the Cooley team advising the special committee.

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