New Directors Bring Extensive Public
Governance, Legal, and Financial Management Experience and Deep
Domain Expertise in Automotive, Aerospace, and Defense Markets
AEye, Inc., (“AEye”) the global leader in active,
high-performance LiDAR solutions, today announced the nomination
for election of four new board members effective upon the closing
of its previously announced merger with CF Finance Acquisition
Corp. III (Nasdaq: CFAC), a special purpose acquisition company
sponsored by Cantor Fitzgerald. The new board is expected to be
chaired by Carol DiBattiste, with Timothy J. Dunn serving as
chairman of the audit committee and Professor Dr. Bernd Gottschalk
and Dr. Karl-Thomas Neumann serving as additional independent board
members, along with current AEye board members Wen Hsieh of Kleiner
Perkins and company executives Blair LaCorte, CEO, and Luis Dussan,
Founder and CTO.
These appointments follow the recent additions of General
Counsel Andrew Hughes, Chief of Staff Brent Blanchard, and COO Rick
Tewell to the company’s executive team as AEye scales its
operations to meet growing demand for its active LiDAR systems.
“We are honored to have these industry leaders agree to join the
AEye board at this pivotal stage of our expansion,” said Luis
Dussan, Founder and CTO of AEye. “Carol, Tim, Bernd, and Karl will
bring deep knowledge and connections in their respective
industries, and will be invaluable resources as we deepen our reach
and impact in multiple verticals, including automotive, trucking,
industrial and mobility. Our groundbreaking active LiDAR system,
highly effective partner go-to-market strategy and exceptional
leadership – both at the management and board level – position AEye
strongly for the next level of growth and to drive the future of
safe autonomy.”
New Board Members
Carol DiBattiste is an experienced public and private company
senior executive, with a background in heavily regulated markets
and government agencies. She most recently served as chief legal
and compliance officer and corporate secretary for NASDAQ-listed
Comscore. She has served in senior leadership positions in five
publicly traded companies. Also, her top leadership operating
positions include: Under Secretary of the United States Air Force;
Deputy Administrator of the TSA; Executive in Charge/Vice Chair,
Board of Veterans Appeals (VA); and Director of the Executive
Office for U.S. Attorneys (DOJ). She serves on a public and private
company board and is Directorship Certified by the National
Association of Corporate Directors.
Timothy J. Dunn has more than two decades of public company
financial management leadership experience, and is currently a
senior advisor, and formerly an operating partner, for TPG, a
private equity firm in San Francisco. Previously, he was CFO of
Hotwire.com, CFO for the Gap Division of Gap, Inc., and held a
number of senior management positions during his 12-year tenure
with PepsiCo, Inc. Prior to PepsiCo, he was with Price Waterhouse
& Co., and is a Certified Public Accountant (inactive) in the
State of California. Tim has served on private and public company
boards, including chair of the audit committee for two TPG
portfolio companies – Ellucian and Vertafore.
Professor Dr. Bernd Gottschalk brings decades of experience in
the German automotive industry, including 25 years with Daimler AG.
He has held numerous executive leadership positions at OEMs,
including as an executive board member for Daimler AG, where he was
responsible for the commercial vehicles business unit globally. Dr.
Gottschalk was also president of Mercedes-Benz do Brasil, president
of the German Association of the Automotive Industry (VDA), and
serves on the Board of Directors of Schaeffler Group, Plastic
Omnium, and Jost Werke.
Dr. Karl-Thomas Neumann is also an automotive industry veteran.
He was CEO of the German automobile manufacturer Opel (formerly GM
Europe) from 2013 to 2017, and held multiple positions with
Volkswagen AG, including head of research, director of electronics
strategy, and CEO of Volkswagen Group China. Neumann was also CEO
of the German auto supplier Continental AG, where he was
responsible for the automotive systems division and took
company-wide responsibility for electric propulsion.
Investor Day Scheduled
Today AEye also announced that it will host a virtual Investor
Day on Wednesday, June 23, 2021. The event will begin at 11am
Eastern/8:00 a.m. Pacific and is expected to conclude at 12:15
Eastern/9:15 a.m. Pacific. The virtual format will feature
presentations from AEye executives, including CEO Blair LaCorte,
Co-Founder, President and CTO Luis Dussan, Chief Scientist Dr.
Allan Steinhardt, COO Rick Tewell, and CFO Bob Brown. Perspectives
on LiDAR from key players in the automotive, industrial, and
mobility markets will also be shared at the event.
AEye previously announced a merger with CF Finance Acquisition
Corp. III (Nasdaq: CFAC) (“CF III”), a special purpose acquisition
company sponsored by Cantor Fitzgerald. The combined company will
be called AEye Holdings, Inc., and AEye shareholders have elected
to retain 100% of their equity holdings in the combined company.
Upon closing, AEye will trade on Nasdaq under the ticker symbol
“LIDR”.
AEye LiDAR
AEye’s active LiDAR system overcomes the pitfalls of
conventional LiDAR with a uniquely intelligent approach called
iDAR™ (Intelligent Detection and Ranging). This high-performance,
active, LiDAR has set standards for
LiDAR range, resolution and speed across all major metrics. iDAR is
based on a bi-static architecture - which keeps the transmit and
receive channels separate: as each laser pulse is transmitted, the
solid-state receiver is told where and when to look for its return
– enabling deterministic artificial intelligence to be introduced
into the sensing process at the point of acquisition. Ultimately,
this establishes the iDAR platform as active – allowing it to focus
on what matters most, while simultaneously monitoring the vehicle’s
surroundings, resulting in greater reliability, safety, and
performance at longer range and lower cost.
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 AI-enabled and
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 (“CF III”) is a 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.
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 has filed relevant materials
with the SEC, including a Registration Statement on Form S-4, which
includes a proxy statement/ prospectus, and intends to file
additional relevant materials with the SEC. The proxy statement/
prospectus, when final, 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/20210513005272/en/
Media Contact Jennifer Deitsch jennifer@aeye.ai
925-400-4366
Investors/Analysts: Financial Profiles, Inc. Dan
Oppenheim AEye@finprofiles.com 310-622-8235
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