San Diego’s Prospector Capital, founded by ex-Qualcomm executives and prominent local investors, has inked a deal to take a young automotive technology company public via a Special Purpose Acquisition Company, or SPAC.
SPAC’s are shell companies that raise cash through an initial public stock sale with the sole purpose of acquiring firms, which then become publicly traded. Prospector went public in January 2021. Its shares currently trade at $10.50. But until now it hadn’t identified a company to buy. Aberle acknowledged that public markets remain volatile for SPACs as well as other young companies. But he’s optimistic about the potential for LeddarTech’s software, which aims to deliver lower costs, increased flexibility and better performance to automakers around driver assistance sensor technology.
Since then, the company drilled down on its software, when in the past it also worked on hardware, said Aberle.