Prospector Capital (PRSR) Shareholders Approve LeddarTech Deal

Prospector Capital (PRSR) Shareholders Approve LeddarTech Deal

Prospector Capital Corp. (NASDAQ:PRSR) announced this morning that its shareholders approved its business combination with autonomous driving technology firm LeddarTech during a special meeting held on December 13.

Voters representing over 85% of the issued and outstanding ordinary shares of Prospector cast votes in favor of the combination at the meeting. Prospector shareholders also voted to approve all other proposals presented on the ballot.

In connection with the meeting, shareholders holding an aggregate of 855,440 Prospector Class A ordinary shares opted to redeem their shares for approximately $10.91 per share of the funds held in the trust account. As a result, an aggregate total of 95.88% of the SPAC’s trust has been redeemed across all of its votes, including prior redemptions at extension votes and it is left with approximately $14.6 million in cash.

Following these redemptions, 1,338,616 Prospector Class A Shares will remain outstanding.

Initially, the parties had expected to close by December 15. However, as that deadline wasn’t met, Prospector declared that the record date for issuing an extra Class A Share for each non-redeemed Class A Share held by shareholders would no longer be on the previously announced date. Instead, it will coincide with the closing of the business combination.

Upon closing of the transaction, which the parties stated they are working expeditiously to effect, the combined company will operate as LeddarTech Holdings Inc. and is expected to be listed on the Nasdaq under the ticker symbol “LDTC”, with warrants under the ticker symbol “LDTCW”.

Prospector announced its $348 million business combination with LeddarTech in June. Québec City-based LeddarTech is developing a software suite to help vehicles process information from sensors for autonomous and assisted driving platforms.