wasn't exactly expected. But the fact that a pair of the numerous companies in the lidar sensor space are deciding to combine rather than continue to go it alone — well, that's kind of what you would anticipate happening in such a market.
Those companies were all formed with the idea of serving as key technology vendors to automakers developing self-driving vehicles.All of the lidar companies were fairly immature when they went public. Investors at the time were frequently enthused to invest in what was considered to be one of tech's big emerging trends.
Both companies have seen their stock prices fall by more than 90% since they went public. Velodyne's shares have been trading for less than $1 a piece since late September, which could put it in danger of having its stock delisted. For now, the companies aren't saying what they will call the combined company nor where it will be based.