LeddarTech Provides Financing Update
LeddarTech (Nasdaq: LDTC), an automotive software company specializing in AI-based sensor fusion and perception software technology, has provided an update regarding its bridge financing arrangements. The company failed to secure required equity investments by the November 15, 2024 maturity date, as stipulated in both the Bridge Financing Offer with Bridge Lenders and the Desjardins Credit Facility. Despite missing the deadline, LeddarTech reports ongoing progress toward completing the financing and maintains active discussions with its lenders. No repayment notices have been received from Desjardins or Bridge Lenders to date.
LeddarTech (Nasdaq: LDTC), un'azienda automobilistica specializzata in tecnologie software per la fusione e la percezione dei sensori basate sull'IA, ha fornito un aggiornamento riguardo ai suoi accordi di finanziamento ponte. L'azienda non è riuscita a garantire gli investimenti azionari necessari entro la data di scadenza del 15 novembre 2024, come previsto sia nell'Offerta di Finanziamento Ponte con i Finanziatori Ponte che nel Credito Desjardins. Nonostante la scadenza mancante, LeddarTech segnala un progresso continuo verso il completamento del finanziamento e mantiene attive discussioni con i suoi finanziatori. Finora non sono state ricevute notifiche di rimborso da Desjardins o dai Finanziatori Ponte.
LeddarTech (Nasdaq: LDTC), una empresa de software automotriz especializada en tecnología de fusión de sensores y percepción basada en IA, ha proporcionado una actualización sobre sus arreglos de financiamiento puente. La compañía no logró asegurar las inversiones de capital requeridas antes de la fecha de vencimiento del 15 de noviembre de 2024, tal como se estipula en la Oferta de Financiamiento Puente con los Prestamistas Puente y en la Instalación de Crédito Desjardins. A pesar de no cumplir con el plazo, LeddarTech informa que está progresando hacia la finalización del financiamiento y mantiene conversaciones activas con sus prestamistas. Hasta la fecha, no se han recibido avisos de reembolso de Desjardins ni de los Prestamistas Puente.
LeddarTech (Nasdaq: LDTC)는 AI 기반 센서 융합 및 인식 소프트웨어 기술에 전문화된 자동차 소프트웨어 회사로, 브리지 자금 조달 계약에 대해 업데이트를 제공했습니다. 이 회사는 브리지 대출자와의 브리지 자금 조달 제안서 및 Desjardins 신용 시설에 명시된 바와 같이 2024년 11월 15일 만기일까지 필요한 자본 투자를 확보하지 못했습니다. 기한을 놓쳤음에도 불구하고, LeddarTech는 자금 조달 완료를 위한 지속적인 진행 상황을 보고하며, 대출자와의 활발한 논의를 유지하고 있습니다. 현재까지 Desjardins 또는 브리지 대출자로부터 상환 통지를 받지 않았습니다.
LeddarTech (Nasdaq: LDTC), une entreprise de logiciels pour l'automobile spécialisée dans la technologie de fusion de capteurs et de perception basée sur l'IA, a fourni une mise à jour concernant ses arrangements de financement relais. L'entreprise n'a pas réussi à obtenir les investissements en capital requis avant la date d'échéance du 15 novembre 2024, comme stipulé dans l'Offre de Financement Relais avec les Prêteurs Relais et dans la Facilité de Crédit Desjardins. Malgré le non-respect de l'échéance, LeddarTech signale un progrès continu vers l'achèvement du financement et maintient des discussions actives avec ses prêteurs. À ce jour, aucun avis de remboursement n'a été reçu de la part de Desjardins ou des Prêteurs Relais.
LeddarTech (Nasdaq: LDTC), ein auf KI-basierte Sensorfusion und Wahrnehmungssoftwarestechnologie spezialisiertes Unternehmen in der Automobilbranche, hat ein Update zu seinen Brückenfinanzierungsvereinbarungen bereitgestellt. Das Unternehmen hat es nicht geschafft, die erforderlichen Eigenkapitalinvestitionen bis zum Fälligkeitsdatum am 15. November 2024 zu sichern, wie sowohl im Angebot für Brückenfinanzierung mit den Brückenfinanzierern als auch im Desjardins-Kreditvertrag festgelegt. Trotz des verpassten Termins berichtet LeddarTech von fortlaufenden Fortschritten bei der Fertigstellung der Finanzierung und führt aktive Gespräche mit seinen Kreditgebern. Bis heute wurden keine Rückzahlungsbenachrichtigungen von Desjardins oder den Brückenfinanziers erhalten.
- Company continues to maintain active discussions with lenders
- No repayment notices received from lenders despite missed deadline
- Failed to secure required equity investments by November 15, 2024 deadline
- Company faces potential financial uncertainty due to missed financing requirements
- Risk of potential loan default with both Bridge Lenders and Desjardins Credit Facility
Insights
This financing update reveals concerning liquidity challenges at LeddarTech. The company has missed a critical deadline to secure required equity investments by November 15, which was a condition of both their bridge financing and Desjardins Credit Facility. While lenders haven't yet demanded repayment, this default puts
The lack of specific progress details on alternative financing and absence of a concrete timeline for resolution adds uncertainty. For a small-cap automotive software company in the competitive AI and sensor fusion space, access to capital is important for R&D and market expansion. The company's ability to negotiate with lenders and quickly secure new financing will be critical for maintaining operations and avoiding potential restructuring.
QUEBEC CITY, Canada, Nov. 26, 2024 (GLOBE NEWSWIRE) -- LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, provides an update with respect to the previously disclosed bridge financing offer entered into with the initial bridge lenders and certain members of management and the board of directors (collectively, the “Bridge Lenders”) dated as of August 16, 2024 (as amended, the “Bridge Financing Offer”), which Bridge Financing Offer, as well as the amended and restated financing offer entered into with Fédération des caisses Desjardins du Québec (“Desjardins”) dated as of April 5, 2023 (as amended, the “Desjardins Credit Facility”), required LeddarTech to secure certain equity investments by November 15, 2024 (the “Maturity Date”).
Although LeddarTech did not complete the required financing by the Maturity Date, LeddarTech continues to progress towards completing such financing and remains actively engaged in discussions with its lenders. LeddarTech has not received any notice of repayment from Desjardins or the other Bridge Lenders to date. Further updates will be provided by LeddarTech in due course.
About LeddarTech
A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal 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, autonomous driving (AD) and parking 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 170 patent applications (87 granted) that enhance ADAS, AD and parking 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.
LeddarTech might, in the scope of collaborations, partnerships and projects, from time to time, collect with test vehicles personal information, i.e., information that directly or indirectly identifies members of the public. Collected personal information may be processed, used, stored and communicated by LeddarTech within the scope of developing and training our software and products. For further information about the processing activities, which include the collection, use, storage and communication of the personal information, as well as the associated personal information protection rights and how to exercise them, please consult LeddarTech’s Privacy Policy.
Additional information about LeddarTech is accessible at www.LeddarTech.com and on LinkedIn, Twitter (X), Facebook and YouTube.
Forward-Looking Statements
Certain statements contained in this Press Release 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 of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. 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 possibility that anticipated benefits of LeddarTech’s recent business combination will not be realized; (ii) the risk that shareholder litigation in connection with the business combination or other settlements or investigations may result in significant costs of defense, indemnification and liability; (iii) changes in general economic and/or industry-specific conditions; (iv) possible disruptions from the business combination that could harm LeddarTech’s business; (v) the ability of LeddarTech to retain, attract and hire key personnel; (vi) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties; (vii) potential business uncertainty, including changes to existing business relationships following the business combination that could affect LeddarTech’s financial performance; (viii) legislative, regulatory and economic developments; (ix) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak or escalation 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; (x) access to capital and financing and LeddarTech’s ability to maintain compliance with debt covenants; (xi) LeddarTech’s ability to execute its business model, achieve design wins and generate meaningful revenue; and (xii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Annual Report on Form 20-F for the fiscal year ended September 30, 2023. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake 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.
Contact:
Daniel Aitken, Vice-President, Global Marketing, Communications and Investor Relations, LeddarTech Holdings Inc. Tel.: + 1-418-653-9000 ext. 232 daniel.aitken@LeddarTech.com
- Investor relations website: investors.LeddarTech.com
- Investor relations contact: Kevin Hunt, ICR Inc. kevin.hunt@icrinc.com
- Financial media contact: Dan Brennan, ICR Inc. dan.brennan@icrinc.com
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”
FAQ
Did LeddarTech (LDTC) meet its November 15, 2024 financing deadline?
Have lenders demanded repayment from LeddarTech (LDTC) after missing the financing deadline?
What financing agreements did LeddarTech (LDTC) fail to meet requirements for?
