AEye and CF Finance Acquisition Corp. III have announced that Continental AG is participating in the PIPE offering connected with the company’s recently announced merger agreement. Continental, a leading Tier 1 automotive supplier, previously made a minority investment in AEye in October 2020.
AEye’s iDAR is a proprietary active sensing, intelligent LiDAR that delivers industry-leading performance and addresses the most difficult challenges facing autonomous driving. While traditional sensing systems passively collect data, AEye’s active LiDAR leverages principles from automated targeting systems and biomimicry to scan everything while intelligently focusing on what matters in order to enable safer, smarter, and faster decisions in complex scenarios. As a result, AEye’s LiDAR uniquely enables higher levels of autonomous functionality (SAE L2-L5) at the optimal performance, power, and price.
On February 17, 2021, AEye announced plans to merge with CF III, which is expected to result in the company being publicly listed on the Nasdaq and provide growth capital for expansion. Proceeds of the transaction include $225 million in cash from a fully subscribed PIPE offering and $230 million held in CF III.