Koito Manufacturing agreed to invest $100 million in Nasdaq-listed lidar maker Cepton through convertible preferred shares, convertible at a 10% premium to the recent average share price. Koito was already a shareholder and partner supplying lidar built into vehicle lamps. Closing required Cepton shareholder approval. The terms Koito bought 100,000 preferred shares at $1,000 each. They could be turned into common stock after one year at about $2.585 a share and paid a dividend of 4.25% a year in extra shares or 3.25% in cash. Cepton's shareholders approved the deal on January 11, 2023. The GM deal This was Koito's third investment in Cepton. The two had together won a series production award for driver-assistance lidar from General Motors, which they called the largest such award known in the industry. Cepton said the money would fund that production and help it win other carmakers.
