LA
JOLLA, Calif., Dec. 18,
2023 /PRNewswire/ - Prospector Capital Corp.
("Prospector") (Nasdaq: PRSRU) (Nasdaq: PRSR) (Nasdaq: PRSRW)
announced that the conditions to closing the proposed business
combination (the "Business Combination") with LeddarTech Inc., a
corporation existing under the laws of Canada ("LeddarTech"), and LeddarTech Holdings
Inc., a company incorporated under the laws of Canada and a wholly owned subsidiary of
LeddarTech ("Newco"), have not yet been satisfied and the Business
Combination has not closed. The parties are working together to
expeditiously satisfy such closing conditions, including obtaining
the approval of Nasdaq to list Newco's common shares and warrants
following the closing of the Business Combination. There can be no
assurance that the Business Combination will be consummated within
the time period required by Prospector's governing documents, which
provides that Prospector must consummate its initial business
combination by December 31, 2023. If
the Business Combination is not completed by December 31, 2023, Prospector will, among other
things, cease all operations except for the purpose of winding up
and, as promptly as reasonably possible but not more than 10
business days thereafter, redeem the Prospector Class A ordinary
shares (the "Prospector Class A Shares"), at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in
Prospector's trust account, including interest earned on the funds
held in the trust account and not previously released to Prospector
(less taxes payable and up to US$100,000 of interest to pay dissolution
expenses), divided by the number of Prospector Class A Shares then
in issue.
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".
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 AI-based low-level sensor fusion and
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 to
achieve 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.
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, Facebook and
YouTube.
Caution Concerning Forward Looking
Statements
Certain statements contained in this communication 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,
including statements regarding the Business Combination involving
Prospector, LeddarTech and Newco, and the ability to consummate the
Business Combination. 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 under the HSR Act or of the Superior Court 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; * 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; and
(xiii) 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. 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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SOURCE LeddarTech Holdings Inc.