Unveiling a monumental union in the realm of LiDAR technology, Ouster and Velodyne have consummated their merger, forging a formidable entity poised to revolutionize various industries. Operating under the esteemed banner of Ouster, the combined entity now graces the New York Stock Exchange under the ticker symbol "OUST," marking a significant milestone in the domain of sensor innovation.
With the completion of the merger, Velodyne's transition from the NASDAQ was sealed, as each Velodyne share was seamlessly exchanged for .8204 shares of Ouster common stock. This strategic amalgamation ushers in a new era of possibilities, bolstering Ouster's position as a frontrunner in LiDAR technology adoption across diverse sectors including automotive, industrial, robotics, and smart infrastructure.
Empowered by a robust clientele comprising over 850 customers globally, Ouster stands poised to uphold its legacy of excellence in sensor solutions. The company anticipates retaining approximately 350 employees, fortified by a strategic headquarters in San Francisco complemented by key offices strategically situated across the Americas, Europe, and the Asia-Pacific region.
Angus Pacala, the visionary CEO of Ouster, expressed elation at the expeditious completion of the merger, highlighting its profound implications for accelerating LiDAR adoption worldwide. Pacala envisions a future propelled by an innovative digital LiDAR roadmap, augmented by cutting-edge software solutions, to widen the company's serviceable market and catalyze exponential growth.
Backed by an extensive intellectual property portfolio boasting 173 granted and 504 pending patents, Ouster solidifies its position as an unrivaled leader in LiDAR technology. Bolstered by a robust cash balance exceeding $315 million as of December 31, 2022, the company is well-positioned to surpass expectations, poised to achieve substantial cost savings within the initial 9 months post-merger.
Dr. Ted Tewksbury, the esteemed executive chair of Ouster's Board of Directors, extolled the amalgamation's transformative potential, emphasizing the collective strength of Ouster's executive leadership team and Board. With luminaries such as Angus Pacala at the helm, supported by a cadre of seasoned executives including Mark Frichtl, Mark Weinswig, Darien Spencer, Nate Dickerman, and Megan Chung, Ouster is primed to ascend to new heights of success.
Embark on a journey of innovation and technological prowess with Ouster, the epitome of excellence in LiDAR solutions, committed to reshaping industries and enhancing shareholder value through relentless pursuit of innovation and excellence.
