QUEBEC
CITY, Feb. 14, 2024 /PRNewswire/ - LeddarTech
Holdings Inc. ("LeddarTech") (Nasdaq: LDTC), an automotive software
company that provides patented disruptive AI-based low-level sensor
fusion and perception software technology for ADAS, AD and parking
applications, today announced that in accordance with the terms of
the outstanding warrants expiring December
21, 2028 (CUSIP: 52328E113) (the "Warrants") to purchase
shares of LeddarTech common stock without par value, the Warrant
exercise price will be reduced to US $11.17 per share from the current US $11.50 per share. Corresponding adjustments will
be made to the redemption provisions applicable to the Warrants.
The adjustments are effective as of the close of business on
February 9, 2024.
The adjustments are being made after LeddarTech considered the
potentially dilutive impact on the Warrants of the share dividend
(the "Prospector Share Dividend") previously declared and paid by
Prospector Capital Corp. ("Prospector") to non-redeeming Prospector
public stockholders at the time of the closing of the business
combination between LeddarTech and Prospector, as more fully
described in LeddarTech's public filings with the U.S. Securities
and Exchange Commission. The Prospector Share Dividend was not made
with respect to any other Prospector or LeddarTech shares issued
and outstanding prior to or upon consummation of the business
combination.
Pursuant to the terms of the Warrants, LeddarTech retained an
independent investment banking firm of recognized national standing
who rendered their opinion that an adjusted exercise price of US
$11.17, without any adjustment to the
number of common shares issuable upon exercise, would be necessary
to effectuate the intent and purpose of the anti-dilution
provisions set forth in the warrant agreement. Further information
on the Warrants and the adjustment to the Warrant exercise price,
including the U.S. Federal income tax treatment of this adjustment,
is available in the "Investors" section of LeddarTech's
website.
About LeddarTech
A global software company founded in 2007 and headquartered in
Quebec City with additional
R&D centers in Montreal,
Toronto and Tel Aviv, Israel, LeddarTech develops and
provides comprehensive AI-based low-level sensor fusion and
perception software solutions that enable the deployment of ADAS,
autonomous driving (AD) and parking applications. LeddarTech's
automotive-grade software applies advanced AI and computer vision
algorithms to generate accurate 3D models of the environment to
achieve better decision making and safer navigation. This
high-performance, scalable, cost-effective technology is available
to OEMs and Tier 1-2 suppliers to efficiently implement automotive
and off-road vehicle ADAS solutions.
LeddarTech is responsible for several remote-sensing
innovations, with over 150 patent applications (80 granted)
that enhance ADAS, AD and parking capabilities. Better awareness
around the vehicle is critical in making global mobility safer,
more efficient, sustainable and affordable: this is what drives
LeddarTech to seek to become the most widely adopted sensor fusion
and perception software solution.
Additional information about LeddarTech is accessible at
www.LeddarTech.com and on LinkedIn, Twitter (X),
Facebook and YouTube.
Forward-Looking Statements
Certain statements
contained in this press release may be considered forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended (which forward-looking statements also include
forward-looking statements and forward-looking information within
the meaning of applicable Canadian securities laws), including, but
not limited to, statements relating to LeddarTech's anticipated
strategy, future operations, prospects, objectives and financial
projections and other financial metrics. Forward-looking statements
generally include statements that are predictive in nature and
depend upon or refer to future events or conditions, and include
words such as "may," "will," "should," "would," "expect,"
"anticipate," "plan," "likely," "believe," "estimate," "project,"
"intend" and other similar expressions among others. Statements
that are not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties and are not
guarantees of future performance. Actual results could differ
materially from those contained in any forward-looking statement as
a result of various factors, including, without limitation: (i) the
possibility that anticipated benefits of LeddarTech's recent
business combination will not be realized; (ii) the risk that
shareholder litigation in connection with the business combination
or other settlements or investigations may result in significant
costs of defense, indemnification and liability; (iii) changes in
general economic and/or industry-specific conditions; (iv) possible
disruptions from the business combination that could harm
LeddarTech's business; (v) the ability of LeddarTech to retain,
attract and hire key personnel; (vi) potential adverse reactions or
changes to relationships with customers, employees, suppliers or
other parties, including as a result of the business combination;
(vii) potential business uncertainty, including changes to existing
business relationships following the business combination that
could affect LeddarTech's financial performance;
(viii) legislative, regulatory and economic developments; (ix)
unpredictability and severity of catastrophic events, including,
but not limited to, acts of terrorism, outbreak or escalation of
war or hostilities and any epidemic, pandemic or disease outbreak
(including COVID-19), as well as management's response to any of
the aforementioned factors; * access to capital and financing and
LeddarTech's ability to maintain compliance with debt covenants;
(xi) LeddarTech's ability to execute its business model, achieve
design wins and generate meaningful revenue; and (xii) other risk
factors as detailed from time to time in LeddarTech's reports filed
with the U.S. Securities and Exchange Commission (the "SEC"),
including the risk factors contained in LeddarTech's Annual Report
on Form 20-F for the fiscal year ended September 30, 2023. The foregoing list of
important factors is not exhaustive. Except as required by
applicable law, LeddarTech does not undertake any obligation to
revise or update any forward-looking statement, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Daniel Aitken,
Vice-President, Global Marketing, Communications and Investor
Relations, LeddarTech Holdings Inc. Tel.: + 1-418-653-9000 ext. 232
daniel.aitken@LeddarTech.com
- Investor relations website:
investors.LeddarTech.com
- Investor relations contact: Kevin Hunt, ICR Inc. kevin.hunt@icrinc.com
- Financial media contact: Dan Brennan, ICR Inc.
dan.brennan@icrinc.com
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive,
VayaVision and related logos are trademarks or registered
trademarks of LeddarTech Holdings Inc. and its subsidiaries.
All other brands, product names and marks are or may be trademarks
or registered trademarks used to identify products or services of
their respective owners.
LeddarTech Holdings Inc. is a public company listed on the
Nasdaq under the ticker symbol "LDTC."
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SOURCE LeddarTech Inc.
