Ouster, Inc. - OUST STOCK NEWS

Velodyne Lidar (Nasdaq: VLDR, VLDRW) announced its Special Meeting of Stockholders was convened and adjourned today without business being conducted. The meeting will reconvene on February 10, 2023, at 9:00 a.m. PT. The delay is intended to solicit additional votes for the proposed merger with Ouster, Inc. (NYSE: OUST). A quorum of 50% of shareholders must participate with over 50% of outstanding shares voting in favor for the merger to pass. Velodyne's Board unanimously supports the merger, which aims to enhance lidar adoption, expand commercial reach, and strengthen financial positions, providing a clearer path toward profitability.

Velodyne Lidar (Nasdaq: VLDR, VLDRW) announced a Special Meeting of Stockholders was convened to approve a merger with Ouster, Inc. (NYSE: OUST). With over 48.6% of total outstanding shares voting, 98% favored the merger. However, 1.3% of outstanding shares are required for approval. The meeting will reconvene on February 3, 2023, at 9:00 a.m. PT, in San Jose, CA. Shareholders can vote online, via phone, or mail before the deadline of February 2, 2023. The merger aims to enhance lidar adoption, create operational synergies, and improve cash flow and profitability.

Ouster, Inc. (NYSE: OUST) launched Ouster Gemini, a cloud-backed digital lidar perception platform aimed at enhancing crowd analytics, security, and intelligent transportation systems. This platform allows for real-time detection and classification of moving objects using advanced digital lidar technology. Key benefits include improved data accuracy, reduced operational costs, and privacy preservation through non-identifying tracking. Initial customers include Cisco and Digital Mortar, showcasing Gemini's application in U.S. and Europe. Ouster aims to shift towards software sales to foster new revenue streams and strengthen customer relationships.

Ouster (NYSE: OUST) has entered a strategic agreement with Cyngn (Nasdaq: CYN) to integrate its REV7 lidar sensors into Cyngn's DriveMod platform, enhancing autonomous solutions for industrial vehicles in 2023. The collaboration aims to address industry challenges, such as labor shortages and increasing automation demand. Ouster will showcase this technology at CES 2023 in Las Vegas. This partnership signifies Ouster's commitment to innovative autonomy solutions and expands its market reach in the industrial sector.

Ouster (NYSE: OUST) announced its participation at CES Las Vegas 2023, scheduled from January 5-8, showcasing advanced lidar sensor technology. The company will feature its REV7 sensors in a live demonstration and unveil a new product for smart infrastructure applications. Ouster's sensors are recognized with a 2023 CES Innovation Award for vehicle technology. Attendees can experience demos and engage with partner companies like Third Wave Automation and Flyability.

Ouster (NYSE: OUST) has achieved recognition as a 2023 CES Innovation Award Honoree in the Vehicle Intelligence & Transportation and Robotics categories. Selected from over 2,100 submissions, its REV7 OS series sensors, which enhance lidar performance for various autonomy applications, will be showcased at CES 2023. The REV7 series includes new sensor designs that offer double the range and improved detection accuracy. This marks Ouster's third CES innovation award, signifying ongoing advancements in the lidar industry.

Velodyne Lidar reported Q3 2022 revenue of $9.6 million, down from $11.5 million in Q2, with total billings flat at $12.5 million. The company experienced a GAAP net loss of $41.6 million or $(0.19) per share, an improvement from $(0.22) per share in Q2. A gross loss of $10.9 million was attributed to inventory reserves and terminated contracts. Looking ahead, Velodyne anticipates Q4 revenues between $12 million and $14 million. In corporate highlights, they announced a merger with Ouster and acquired Bluecity.

Ouster, Inc. (NYSE: OUST) reported Q3 2022 revenue of $11.2 million, marking a 44% year-over-year increase, and achieving record gross margins of 33%. The company sold 2,136 sensors, up 31% from the previous year, and increased Strategic Customer Agreements to 84. However, the net loss widened to $36 million. Ouster announced a planned merger with Velodyne in an all-stock transaction aimed at accelerating lidar adoption, which is subject to regulatory approval and expected to close in H1 2023.

Ouster and Velodyne have announced a definitive merger agreement to create a strong leader in the lidar industry through an all-stock transaction. The merger is anticipated to enhance financial stability, with a combined cash balance of approximately $355 million as of September 30, 2022, and projected annualized cost savings of at least $75 million within nine months of closing. The combined entity aims to accelerate lidar adoption across diverse markets, leveraging operational synergies and a robust product portfolio.