- The Investment Underscores Continental’s Commitment to
AEye
- The Two Companies are Jointly Developing an Ultra-Long
Range, High Performance Active LiDAR for Automotive and Commercial
Vehicle Applications
AEye, Inc., (“AEye”) the global leader in active,
high-performance LiDAR solutions and CF Finance Acquisition Corp.
III (“CF III”; Nasdaq: CFAC), a special purpose acquisition company
sponsored by Cantor Fitzgerald, today announced that Continental AG
is participating in the PIPE offering connected with the company’s
recently announced merger agreement. Continental, a leading Tier 1
automotive supplier, previously made a minority investment in AEye
in October 2020.
Blair LaCorte, CEO of AEye said, “We are thrilled that
Continental, a valued partner and strategic investor, is
participating in our $225 million PIPE offering, along with top
tier institutional and strategic investors including GM Ventures,
Subaru-SBI, Intel Capital, Hella Ventures and Taiwania Capital.
AEye’s highly complementary partnership with Continental combines
our leading, active, high-performance LiDAR with their powerhouse
Advanced Driver Assistance Systems (ADAS) supply universe.
Together, we are well positioned to deliver ADAS solutions that
will increase vehicle safety and enable new performance features,
such as highway pilot. Continental’s continued investment
underscores our strong relationship, and their commitment to AEye
and our game-changing active LiDAR technology.”
Frank Petznick, Continental’s Head of Advanced Driver Assistance
Systems business unit said, “We are very excited to further our
investment in AEye and proud to partner with their team to deliver
state-of-the art long range, high performance LiDAR sensors to
enable new compelling features such as highway pilot, and integrate
these sensors in vehicles in volume starting in 2024 models for
OEMs, globally. Our broad partnership combines two industry leading
teams of LiDAR engineers from three continents to bring
best-in-class automotive grade autonomous driving solutions to
market.”
AEye’s iDAR™ is a proprietary active sensing, intelligent LiDAR
that delivers industry-leading performance and addresses the most
difficult challenges facing autonomous driving. While traditional
sensing systems passively collect data, AEye’s active LiDAR
leverages principles from automated targeting systems and
biomimicry to scan everything while intelligently focusing on what
matters in order to enable safer, smarter, and faster decisions in
complex scenarios. As a result, AEye’s LiDAR uniquely enables
higher levels of autonomous functionality (SAE L2-L5) at the
optimal performance, power, and price.
On February 17, 2021, AEye announced plans to merge with CF III,
which is expected to result in the company being publicly listed on
the Nasdaq and provide growth capital for expansion. Proceeds of
the transaction include $225 million in cash from a fully
subscribed PIPE offering and $230 million held in CF III.
For more information on the merger, please visit
www.aeye.ai/investor_relations/.
About AEye
AEye is the premier provider of high-performance, active LiDAR
systems for vehicle autonomy, advanced driver-assistance systems
(ADAS), and robotic vision applications. AEye’s software-definable
iDAR™ (Intelligent Detection and Ranging) platform combines
solid-state active LiDAR, an optionally fused low-light HD camera,
and integrated deterministic artificial intelligence to capture
more intelligent information with less data, enabling faster, more
accurate, and more reliable perception. The company is based in the
San Francisco Bay Area and backed by world-renowned financial
investors including Kleiner Perkins and Taiwania Capital, as well
as GM Ventures, Continental AG, Hella Ventures, LG Electronics,
Subaru-SBI, Pegasus Ventures (Aisin), Intel Capital, SK Hynix and
Airbus Ventures.
About CF Finance Acquisition Corp. III
CF Finance Acquisition Corp. III is a newly organized blank
check company formed for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization,
or similar business combination with one or more businesses CF III
focuses on industries where its management team and founders have
experience and insights and can bring significant value to business
combinations. CF Finance Acquisition Corp. III is led by Chairman
and Chief Executive Officer Howard W. Lutnick.
About Cantor Fitzgerald
CF III is sponsored by Cantor Fitzgerald. Cantor Fitzgerald,
with over 12,000 employees, is a leading global financial services
group at the forefront of financial and technological innovation
and has been a proven and resilient leader for over 70 years.
Cantor Fitzgerald & Co. is a preeminent investment bank serving
more than 5,000 institutional clients around the world, recognized
for its strengths in fixed income and equity capital markets,
investment banking, SPAC underwriting and PIPE placements, prime
brokerage, and commercial real estate and for its global
distribution platform. Cantor Fitzgerald & Co. is one of the 24
primary dealers authorized to transact business with the Federal
Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC
sponsor, having completed multiple initial public offerings and
announced multiple business combinations through its CF Acquisition
platform. For more information, please visit: www.cantor.com.
About Continental
Continental develops pioneering technologies and services for
sustainable and connected mobility of people and their goods.
Founded in 1871, the technology company offers safe, efficient,
intelligent, and affordable solutions for vehicles, machines,
traffic and transportation. In 2019, Continental generated sales of
€44.5 billion and currently employs more than 233,000 people in 59
countries and markets. In 2021, the company celebrates its 150th
anniversary.
For Continental, automated driving is an essential building
block of future mobility. It will significantly change people’s
journeys, for example, on the highway, in the city, and when
parking. In 2012, Continental became the first automotive supplier
worldwide to receive a license for highly automated test drives on
public roads in the US state of Nevada. Sensors, control units,
brake systems, software, connectivity solutions, driving functions
as well as information and control systems for automated driving
are developed in a global network focusing on Japan, China, the
USA, India, and Europe. In the future, this will enable a wide
range of solutions between partially automated and driverless
vehicles. The aim is a seamless, efficient, sustainable, and
comfortable mobility without crashes.
Important Information and Where to Find It
This press release relates to a proposed transaction between CF
III and AEye. This press release does not constitute an offer to
sell or exchange, or the solicitation of an offer to buy or
exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
transaction described herein, CF III intends to file relevant
materials with the SEC, including a registration statement on Form
S-4, which will include a proxy statement/prospectus. The proxy
statement/prospectus will be sent to all CF III stockholders. CF
III also will file other documents regarding the proposed
transaction with the SEC. Before making any voting or investment
decision, investors and security holders of CF III are urged to
read the registration statement, the proxy statement/prospectus and
all other relevant documents filed or that will be filed with the
SEC in connection with the proposed transaction as they become
available because they will contain important information about the
proposed transaction.
Investors and security holders will be able to obtain free
copies of the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC by CF III
through the website maintained by the SEC at www.sec.gov or by
directing a request to CF III to 110 East 59th Street, New York, NY
10022 or via email at CFFinanceIII@cantor.com or at (212)
938-5000.
Participants in the Solicitation
CF III and AEye and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from CF III's stockholders in connection with the proposed
transaction. Information about CF III's directors and executive
officers and their ownership of CF III's securities is set forth in
CF III's filings with the SEC. Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed transaction may be obtained by reading
the proxy statement/prospectus regarding the proposed transaction
when it becomes available. You may obtain free copies of these
documents as described in the preceding paragraph.
Non-Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of CF III or AEye, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the proposed transactions
and CF III. Such forward-looking statements include, but are not
limited to, statements regarding the closing of the combination and
the expectations, hopes, beliefs, intentions, plans, prospects or
strategies regarding the business combination, and future business
plans of the AEye and CF III management teams, including AEye’s
products, revenue growth and financial performance, facilities,
product expansion and services. Forward-looking statements are
sometimes accompanied by words such as "believe," "continue,"
"project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "predict," "plan," "may,"
"should," "will," "would," "potential," "seem," "seek," "outlook"
and similar expressions that predict or indicate future events or
trends or that are not statements of historical matters.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. These statements are based on various
assumptions, whether or not identified in this press release. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
an investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of CF III and AEye. Many factors could cause
actual future events to differ from the forward-looking statements
in this press release, including but not limited to: (i) the risk
that the transaction may not be completed in a timely manner or at
all, which may adversely affect the price of CF III’s securities,
(ii) the risk that the transaction may not be completed by CF III’s
business combination deadline and the potential failure to obtain
an extension of the business combination deadline if sought by CF
III, (iii) the failure to satisfy the conditions to the
consummation of the transaction, including the approval by the
stockholders of CF III, the satisfaction of the minimum trust
account amount following any redemptions by CF III’s public
stockholders and the receipt of certain governmental and regulatory
approvals, (iv) the inability to complete the PIPE offering, (v)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement, (vi)
the effect of the announcement or pendency of the transaction on
AEye's business relationships, operating results, and business
generally, (vii) risks that the transaction disrupts current plans
and operations of AEye and potential difficulties in AEye employee
retention as a result of the transaction, (viii) the outcome of any
legal proceedings that may be instituted against AEye or against CF
III related to the merger agreement or the transaction, (ix) the
ability to maintain the listing of CF III stock on the Nasdaq Stock
Market, (x) volatility in the price of CF III’s securities, (xi)
changes in competitive and regulated industries in which AEye
operates, variations in operating performance across competitors,
changes in laws and regulations affecting AEye's business and
changes in the combined capital structure, (xii) the ability to
implement business plans, forecasts, and other expectations after
the completion of the transaction, and identify and realize
additional opportunities, (xiii) the potential inability of AEye to
increase its manufacturing capacity or to achieve efficiencies
regarding its manufacturing process or other costs, (xiv) the
enforceability of AEye's intellectual property, including its
patents and the potential infringement on the intellectual property
rights of others, (xv) the risk of downturns and a changing
regulatory landscape in the highly competitive industry in which
AEye operates, (xvi) the potential inability of AEye to enter into
definitive agreements, partnerships or other commitments with
original equipment manufacturers, contract manufacturers, suppliers
and other strategic partners and (xvii) costs related to the
transaction and the failure to realize anticipated benefits of the
transaction or to realize estimated pro forma results and
underlying assumptions, including with respect to estimated
stockholder redemptions. These risks and uncertainties may be
amplified by the COVID-19 pandemic, which has caused significant
economic uncertainty. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the "Risk Factors"
section of CF III’s Form S-1 Registration Statement, the form S-4
Registration Statement that CF III will file, which will include a
proxy statement/prospectus and other documents filed or to be filed
by CF III from time to time with the SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and AEye and CF III assume no obligation and do not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
AEye nor CF III gives any assurance that either AEye or CF III will
achieve its expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210225005881/en/
Media Contact: AEye, Inc. Jennifer Deitsch
jennifer@aeye.ai 925-400-4366
CF III Karen Laureano-Rikardsen klrikardsen@cantor.com
212-829-4975
Investors: Financial Profiles, Inc. Dan Oppenheim
AEye@finprofiles.com 310-622-8235
John Brownell AEye@finprofiles.com 310-622-8489
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