Velodyne Lidar (NASDAQ:VLDR) news for Thursday includes VLDR stock trading on public markets now after closing a deal with special purpose acquisition company (SPAC) Graf Industrial Corp.
- The company is trading on the Nasdaq under the “VLDR” stock ticker.
- It recently completed a deal with Graf Industrial to take it public.
- This has it being acquired as a subsidiary of Graf Industrial, which then changed its name to Velodyne Lidar.
- This also saw the company no longer trading on the New York Stock Exchange under its old ticker.
- As the name implies, Velodyne Lidar is a company that develops lidar devices for the automotive industry.
- Lidar devices include sensors and software that can give a vehicle additional information about its surroundings.
- The tech is mostly used in the development of autonomous vehicles.
- While self-driving cars are a focus, Velodyne Lidar notes that it’s also been expanding its business out into new markets.
- That includes cities that are upgrading their infrastructures.
- This can help with the creation of smart intersections, sidewalks, and other such devices.
- The tech is also used in drones, such as those used for unmanned deliveries by retailers.
Dr. Anand Gopalan, CEO of Velodyne Lidar, said this about the public stock news.
“Becoming a public company enables Velodyne to invest more in delivering new transformative autonomous technology and powerful ADAS products to make our world a better place. With our broad portfolio of lidar sensors and revolutionary software, we strive to transform communities by advancing safer mobility for all.”
VLDR stock was down 12% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.