Velodyne LiDAR announce business combination to form leading publicly-traded LiDAR technology company

Current Velodyne shareholders, including David Hall and strategic investors Ford, Baidu, Inc., Nikon Corporation and Hyundai Mobis, will retain an equity interest of more than 80% in the combined company.

Velodyne LiDAR announce business combination to form leading publicly-traded LiDAR technology company
Velodyne LiDAR announce Business combination to form leading publicly-traded LiDAR technology company

Velodyne LiDAR announce Business combination to form leading publicly-traded LiDAR technology company

Graf Industrial Corp. a special purpose acquisition company founded by James Graf and Michael Dee, announced that it has entered into a definitive agreement with Velodyne LiDAR, Inc. and its founder David Hall, pursuant to which GRAF will combine with Velodyne through a merger of a wholly-owned subsidiary of GRAF with and into Velodyne, with Velodyne surviving as a wholly-owned subsidiary of GRAF.

Current Velodyne shareholders, including David Hall and strategic investors Ford, Baidu, Inc., Nikon Corporation and Hyundai Mobis, will retain an equity interest of more than 80% in the combined company. Upon the closing of the transaction, GRAF will be renamed “Velodyne Lidar, Inc.” and will remain NYSE-listed under the new ticker symbol VLDR.