Velodyne shares rose 58% to $5.95 in after-hours buying and selling.
Photograph:
edgar su/Reuters
Velodyne Lidar Inc.’s
VLDR -0.79%
inventory jumped greater than 50% in extended-hours buying and selling Monday after the maker of sensors for autonomous vehicles reported an funding by
Amazon.com Inc.
AMZN 0.19%
The California-based Velodyne on Monday stated it will problem a warrant for an Amazon subsidiary to purchase practically 39.6 million shares. In return, Amazon would get a board observer so long as its stake stays above about 12.3 million shares. The deal additionally features a so-called standstill settlement.
Amazon was unavailable for an instantaneous remark.
The warrants might be exercised any time earlier than Feb. 4, 2030, at an train value of $4.18 a share. The warrant shares will vest over time primarily based on discretionary funds by Amazon of as much as $200 million.
Velodyne shares rose 58% to $5.95 in after-hours buying and selling. The inventory, which has traded from $3.13 to $24.70 over the previous 12 months, closed Monday at $3.77.
Velodyne began buying and selling publicly in 2020 after merging with Graf Industrial Corp., a special-purpose acquisition firm.
The corporate is slated to report fourth-quarter and full-year outcomes on Feb. 28. It reported a virtually 43% drop in income for the primary 9 months of the 12 months, and its loss greater than quadrupled to $174.8 million.
Write to Maria Armental at maria.armental@wsj.com
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Appeared within the February 8, 2022, print version as ‘Velodyne Shares Soar on Amazon Funding.’
