VLDR - VLDR STOCK NEWS

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.

Velodyne Lidar (Nasdaq: VLDR, VLDRW) encourages shareholders to vote for its merger with Ouster, with over 97% of votes thus far in favor. The company has not yet achieved the required quorum of >50% of outstanding shares. The Special Meeting is set for January 26, 2023, at 9:00 AM PT. Independent advisory firms, ISS and Glass Lewis, recommend supporting the merger, highlighting $75 million in annual cost synergies and a stronger market position post-merger. This strategic union aims to enhance operational efficiencies and accelerate lidar technology adoption across multiple sectors.

Velodyne Lidar (Nasdaq: VLDR, VLDRW) launched the beta version of its Vella family of software products, aimed at accelerating lidar development for autonomous applications. Key offerings include Vella Go for sensor management, Vella Perception for application development, and Vella Cloud Services for AI capabilities. The Vella Portal simplifies access to these tools, enhancing customer engagement and support. CEO Ted Tewksbury emphasized the goal of enabling rapid development and deployment of AI-driven solutions, thereby improving safety and efficiency across various industries.

Velodyne Lidar (NASDAQ: VLDR, VLDRW) has entered a multi-year deal to supply lidar sensors to GreenValley International for handheld and UAV 3D mapping solutions, including in GPS-denied areas. With the initial shipments already in progress, this partnership enhances GreenValley’s product range, leveraging Velodyne’s Puck sensors for advanced mapping capabilities. The collaboration is expected to bolster efficiency and reduce costs for various industries relying on 3D mapping technology.

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 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.

Ouster (NYSE: OUST) and Velodyne (NASDAQ: VLDR, VLDRW) have announced a definitive agreement to merge in an all-stock transaction. The merger aims to enhance financial strength, leveraging a combined cash balance of $355 million as of Q3 2022. Expected annualized cost savings of at least $75 million are anticipated within nine months post-closing. Ouster and Velodyne will present a united front, utilizing operational synergies and a robust product offering to accelerate lidar technology adoption in various markets. The merger is subject to shareholder approval, expected to close in the first half of 2023.

Cohu, Inc. has appointed Andreas W. Mattes to its Board of Directors effective November 1, 2022. Mattes, who brings over 30 years of global technology leadership experience, previously transformed Coherent, Inc. and led its $6.6 billion acquisition. His extensive background includes roles as CEO at Diebold Nixdorf and Siemens Communications. Cohu's leadership anticipates that Mattes will contribute strategic insights and enhance the company's growth potential in the semiconductor sector.

Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) announced its plans to release third quarter 2022 financial results on November 8, 2022, after market close. A conference call to discuss these results will occur at 1:30 p.m. PT / 4:30 p.m. ET. Investors can join the call at 844-890-1797 or via webcast at investors.velodynelidar.com. The archived call will be available until November 22, 2022.