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SPAC CF Finance recuts deal with lidar specialist

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WeTheMarket   Monday, 05/03/21 12:32:02 PM
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SPAC CF Finance recuts deal with lidar specialist AEye at lower valuation
May 03, 2021 10:39 AM, By: Josh Fineman, SA News

- SPAC CF Finance Acquisition III (NASDAQ:CFAC) said it amended its merger agreement with AEye to lower the vale of lidar specialist to $1.52B at the closing of the deal versus the $1.9B at the time of the merger announcement in February.
- Cantor Fitzgerald, as the sponsor of CF III, has also extended the deadline for CF III to consummate a business combination from May 17 to Sept. 17, according to a statement. The deal is now expected to close in Q3, delayed from a previous Q2 close.
Upon closing, AEye will trade on Nasdaq under the ticker symbol “LIDR”.
- The AEYe price cut comes as SPAC have come under fire in the past few months as regulators are taking a closer look on issues such as warrants and growth projections and as short sellers have also targeted SPACs after their meteoric rise over the past year.
- Over the weekend Berkshire Hathaway's Warren Buffett compared the SPAC craze to gambling and Berkshire Vice Chairman Charlie Munger said "It's shameful what's going on. It's not just stupid, it's shameful."
- AEYe is among several lidar companies to go public though a SPAC merger following Velodyne Lidar (VLDR - 4.6%), Luminar Technologies (LAZR -1.1%), Ouster (OUST - 1.5%), Aeva (AEVA +0.4%) - and Innoviz (INVZ -2%)
Link: https://seekingalpha.com/news/3689270-spac-cf-finance-recuts-deal-with-lidar-specialist-aeye-at-lower-valuation?utm_source=advfn.com&utm_medium=referral

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