Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, announced a 1-for-10 reverse stock split of its common stock; the move was approved by Cepton’s board of directors. According to the announcement, the split will be effective on Sept. 21, 2023, at 5 p.m. ET, with the common stock beginning to trade on a split-adjusted basis on Sept. 22, 2023, when the NASDAQ exchange opens. The announcement noted that stockholders approved the proposal to authorize the board to affect a reverse split at a ratio ranging from 1-for-5 to 1-for-20 during a Sept. 7 special meeting. The reverse stock split will impact all shares of issued common stock, resulting in every 10 shares being combined into one share. “The reverse stock split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the company’s outstanding common stock, except for adjustments that may result from the treatment of fractional shares,” the company stated in the press release.
In addition, Cepton also announced the appointment of automotive and semiconductor veteran Mitch Hourtienne as its new chief commercial officer. Cepton created the new role to provide support as the company sees continued growth and market success. According to the announcement, Hourtienne joined the company in 2018 and has been key to the building of Cepton’s Detroit-based center of excellence. In his new role, he will continue to lead Cepton’s business-development, product-management and marketing teams as the company solidifies its leadership in automotive and smart infrastructure markets and strengthens strategic partnerships with world-class industry leaders. In addition to his work with the center of excellence, Hourtienne has been instrumental in securing Cepton’s ADAS lidar series production award with General Motors and in the company’s partnership with Koito Manufacturing Co. Ltd. Hourtienne has an impressive resume with more than two decades of experience that includes stints at Sensata Technologies, Freescale Semiconductor, Infineon and Continental.
“Mitch has been with our core founding team since the second year of Cepton’s existence,” said Cepton CEO and cofounder Dr. Jun Pei in the press release. “Winning automotive business is quite a difficult feat to achieve, and I’m fortunate to have Mitch’s experience and insight as we traverse the early stages of lidar adoption into our next phase of the business. He played a crucial role in securing the GM business and possesses the expertise to align all essential elements for the company’s future growth.”
About Cepton Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (“ADAS/AV”), smart cities, smart spaces and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D-perception solutions across industries. Cepton has been awarded a significant ADAS lidar series production award with Koito on the General Motors Business. Cepton is also engaged with all top 10 global OEMs. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information about this company, please visit www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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