QUEBEC CITY, Canada, December 21, 2023 — LeddarTech announced the completion of its business combination, previously announced on June 13, 2023 with Prospector Capital Corp. (“Prospector”) (formerly Nasdaq: PRSR, PRSRU, PRSRW) today. LeddarTech common shares started trading inn the Nasdaq Global Market under the ticker symbol “LDTC” starting from the opening of trading on December 22, 2023. Additionally, the ticker symbol “LDTCW” will list warrants for purchasing common shares.
As an automotive pure software company, LeddarTech offers a very crucial piece of the software stack for ADAS and AD. LeddarTech’s technology provides vehicles with better environmental understanding models. This involves a substantially enhanced real-time 3D view of the vehicle’s surroundings, which is at the core of making a vehicle intelligent. Its AI-based, low-level sensor fusion software approach helps reduce Tier 1 and OEM development and system costs. It improves performance and reduces maintenance overhead.
LeddarTech’s unique software solution is coming to market. This happens at a time when the automotive industry is at a critical inflection point. OEMs and Tier 1-2 suppliers are equipping vehicles with more sensors than ever before. This comes with the promise of increased safety through improved ADAS applications, ultimately leading to fully autonomous driving in the future. The industry has embarked on a transition to “software-defined vehicles.” This has OEMs thinking “software first” for better integrated, cost-efficient, flexible vehicle architectures that are easier to maintain and upgrade with continuous software updates. ADAS software represents the largest market within automotive software. There is an expectation that it will grow at an 11% CAGR to U.S. $42 billion by 2030.
“It has been a privilege to have served as CEO of LeddarTech over the past ten years. I am extremely pleased that we have achieved this important milestone of becoming a public company after completing our business combination with Prospector. Since the announcement of the transaction, LeddarTech has raised US $58.6 million of gross capital. This includes US $44 million via a convertible PIPE. Additionally, there is US $14.6 million from the SPAC trust, aimed at supporting the adoption and growth of LeddarTech’s technology. The company’s partnership with Prospector will help to further solidify our position in the automotive software sector. The increased working capital combines with this,” said retiring CEO Charles Boulanger.
“Frantz Saintellemy, our long-time president and COO, will now assume the role of Chief Executive Officer. He will lead LeddarTech into the next phase of growth for the company, as previously announced. Moreover, I look forward to continuing to serve the company as a member of LeddarTech’s Board of Directors,” Mr. Boulanger concluded.
“I sincerely thank Charles for leading LeddarTech over the past ten years and bringing it to its current state. This appreciation is extended on behalf of myself, the LeddarTech employees, our Board of Directors, and investors,” stated LeddarTech’s newly appointed CEO, Mr. Frantz Saintellemy. “I am delighted to take on the additional responsibility of becoming CEO of LeddarTech. I am also excited to lead our team into the future. The market opportunity is tremendous. The reception that our exciting automotive software continues to receive from various Tier 1 and OEM customers convinces me. Moreover, LeddarTech will become a predominant automotive software supplier in the future,” Mr. Saintellemy concluded.
“Based on my experience at Qualcomm, I believe LeddarTech is poised to be a disruptive leader. Furthermore, they focus on supplying software-based solutions for ADAS and AD that are safer, higher-performing, and less expensive,” said Derek Aberle, recently appointed Chairman of the Board of LeddarTech, and former CEO of Prospector. “I am very excited about the opportunity to work closely with Frantz and the rest of the leadership team. Moreover, we aim to establish LeddarTech as a global leader in ADAS and AD software as we seek to capture a significant portion of this large and growing market.”
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