Filed by LeddarTech Holdings Inc.
Pursuant to Rule 425 of the Securities Act of
1933 and
deemed filed pursuant to Rule 14a-12 of
the Securities Exchange Act of 1934
Subject Company: Prospector Capital Corp. (File
No. 001-39854)
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PRESS RELEASE
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LeddarTech and
Prospector Capital Corp. Announce Effectiveness of Registration Statement and December 13, 2023 Extraordinary General Meeting to Approve
Business Combination
QUÉBEC CITY, QUÉBEC, CANADA, December
4, 2023 — LeddarTech Inc.® (“LeddarTech” or the “Company”), an automotive software company
that provides patented disruptive low-level sensor fusion and perception software technology for ADAS and AD, and Prospector Capital Corp.
(“Prospector”) (Nasdaq: PRSR, PRSRU, PRSRW), a publicly traded special purpose acquisition company led by former Qualcomm
President Derek Aberle and chaired by former Qualcomm Vice Chairman Steve Altman, today announced that on December 4, 2023 the U.S. Securities
and Exchange Commission (the “SEC”) declared effective the Registration Statement on Form F-4, as amended, filed by LeddarTech
Holdings Inc. (“Newco”) in connection with the previously announced proposed business combination (the “Business Combination”).
The filing can be viewed in its entirety on the SEC’s website at www.sec.gov.
Prospector also commenced mailing the definitive
proxy statement/prospectus on December 4, 2023, which was included in the Registration Statement, relating to the extraordinary general
meeting of shareholders to be held in connection with the Business Combination (the “Extraordinary General Meeting”). The
Extraordinary General Meeting is scheduled to be held on December 13, 2023 at 10:00 am Eastern Time. The Extraordinary General Meeting
will be held at the offices of White & Case LLP located at 1221 Avenue of the Americas, New York, NY 10020, and virtually via a live
webcast at https://www.cstproxy.com/prospectorcapital/egm2023. Holders of Prospector’s ordinary shares at the close of business
on the record date of November 14, 2023 are entitled to notice of the Extraordinary General Meeting and to vote at the Extraordinary General
Meeting. More details about the Business Combination and the resolutions to be voted upon at the Extraordinary General Meeting can be
found in the definitive proxy statement/prospectus filed by Prospector, available at: http://www.sec.gov.
Assuming satisfaction of the conditions of the
closing of the Business Combination, including approval of the Business Combination by Prospector shareholders, the combined company intends
to operate as LeddarTech Inc. and is expected to be listed on Nasdaq under the ticker symbol “LDTC”, with warrants under the
ticker “LDTCW”. The Nasdaq listing is subject to the closing of the Business Combination and fulfillment of all Nasdaq listing
requirements.
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 perception software solutions that enable the deployment of ADAS and autonomous driving (AD) applications. LeddarTech’s
automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment, allowing
for 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.
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PRESS RELEASE
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LeddarTech is responsible for several remote-sensing
innovations, with over 150 patent applications (80 granted) that enhance ADAS and AD 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.
About Prospector Capital Corp.
Prospector is a special-purpose acquisition company
formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses with a focus on companies with advanced and highly differentiated solutions for the technology sector. The
company is led by a team of experienced investors and executives focused on identifying and investing in high-growth companies with strong
management teams and attractive market opportunities. Prospector’s securities are traded on NASDAQ under the ticker symbols “PRSR,”
“PRSRU” and “PRSRW.”
Important Information About the Proposed Transaction
and Where to Find It
In connection with the proposed business combination,
Prospector, LeddarTech and Newco have prepared and filed with the SEC the Registration Statement on Form F-4 (the “Registration
Statement”), and Prospector will mail the proxy statement/prospectus contained within the Registration Statement to its shareholders
and file other documents regarding the business combination with the SEC. This press release is not a substitute for any proxy statement,
registration statement, proxy statement/prospectus or other documents Prospector or Newco may file with the SEC in connection with the
business combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT WHEN
IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND OTHER DOCUMENTS FILED BY PROSPECTOR OR NEWCO WITH
THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security
holders will be able to obtain free copies of the Registration Statement and other documents filed with the SEC by Prospector or Newco
through the website maintained by the SEC at www.sec.gov.
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PRESS RELEASE
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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 and Section 21E of the Exchange Act (which forward-looking statements shall also include forward-looking statements
and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements
regarding the business combination involving Prospector, LeddarTech and Newco, the ability to consummate the business combination and
the timing thereof, the anticipated benefits from the business combination, the closing of the private placement financing and expected
proceeds therefrom and statements relating to Newco’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 risk that the conditions to the closing of the business combination
are not satisfied, including the failure to timely or at all obtain shareholder approval for the business combination or the failure to
timely or at all obtain any required regulatory clearances, including of the Superior Court of Justice of Québec; (ii) uncertainties
as to the timing of the consummation of the business combination and the ability of each of Prospector, LeddarTech and Newco to consummate
the business combination; (iii) the possibility that other anticipated benefits of the business combination will not be realized, and
the anticipated tax treatment of the business combination; (iv) the occurrence of any event that could give rise to termination of the
business combination; (v) the risk that shareholder litigation in connection with the business combination or other settlements or investigations
may affect the timing or occurrence of the business combination or result in significant costs of defense, indemnification and liability;
(vi) changes in general economic and/or industry-specific conditions; (vii) possible disruptions from the business combination that could
harm LeddarTech’s business; (viii) the ability of LeddarTech to retain, attract and hire key personnel; (ix) potential adverse reactions
or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the
business combination; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of
the business combination that could affect LeddarTech’s financial performance; (xi) legislative, regulatory and economic developments;
(xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak 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; (xiii) access to capital and financing and LeddarTech’s ability to maintain compliance with debt covenants;
and (xiv) other risk factors as detailed from time to time in Prospector’s reports filed with the SEC, including Prospector’s
Annual Report on Form 10-K, periodic Quarterly Reports on Form 10-Q, periodic Current Reports on Form 8-K and other documents filed with
the SEC, as well as the risk factors to be contained in the Registration Statement. The foregoing list of important factors is not exhaustive.
Neither Prospector nor LeddarTech can give any assurance that the conditions to the business combination will be satisfied. Except as
required by applicable law, neither Prospector nor LeddarTech undertakes 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.
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No Offer or Solicitation
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities of Prospector or Newco, a solicitation of any vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”).
Participants in Solicitation
Prospector, LeddarTech and Newco, and certain
of their respective directors, executive officers and employees, may be deemed to be participants in the solicitation of proxies in connection
with the business combination. Information about the directors and executive officers of Prospector can be found in the Annual Report
on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 31, 2023. Information regarding the persons
who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the business combination,
including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the Registration
Statement and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the source
indicated above.
Contact:
Daniel Aitken, Vice-President, Global Marketing,
Communications and Investor Relations, LeddarTech 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 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.
Prospector Capital (NASDAQ:PRSRU)
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