On June 18, 2023, LeddarTech Inc.® (LeddarTech or the company), an automotive software company that provides patented disruptive low-level sensor fusion and perception software technology for ADAS and AD, and Prospector Capital Corp. (Prospector) (Nasdaq: PRSR, PRSRU, PRSRW), a publicly traded special purpose acquisition company led by former Qualcomm President Derek Aberle and chaired by former Qualcomm Vice Chairman Steve Altman, announced their entry into a definitive business combination agreement that would result in LeddarTech becoming a publicly listed company. Upon closing of the transaction, which is expected by the fourth quarter of 2023, LeddarTech is expected to be listed on Nasdaq under the ticker symbol “LDTC."
The combined entity will receive approximately U.S. $23 million from Prospector's trust account, assuming no redemptions by Prospector's public shareholders, as well as U.S. $43 million in gross proceeds from investors including Prospector's sponsor, FS Investors (an affiliate of Prospector's sponsor), Investissement Québec as a representative of the Government of Québec, Desjardins Capital and BDC Capital participating in the transaction via a convertible private placement investment into LeddarTech.
BLG represented Desjardins Capital and BDC Capital with a team led by Patrice Martin that included Manoj Pundit, Patricia Galella, Jeff Talbot and Matteo Grandillo.