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The Wall Street Publication > Blog > Markets > Sensor Maker Velodyne Lidar’s Shares Surge After Amazon Investment
Markets

Sensor Maker Velodyne Lidar’s Shares Surge After Amazon Investment

Editorial Board Published February 8, 2022
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Sensor Maker Velodyne Lidar’s Shares Surge After Amazon Investment
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Velodyne shares rose 58% to $5.95 in after-hours trading.

Photo: edgar su/Reuters

By

Maria Armental

Feb. 7, 2022 7:47 pm ET

Velodyne Lidar Inc.’s VLDR -0.79% stock jumped more than 50% in extended-hours trading Monday after the maker of sensors for autonomous cars reported an investment by Amazon.com Inc. AMZN 0.19%

The California-based Velodyne on Monday said it would issue a warrant for an Amazon subsidiary to buy nearly 39.6 million shares. In return, Amazon would get a board observer as long as its stake stays above about 12.3 million shares. The deal also includes a so-called standstill agreement.

Amazon was unavailable for an immediate comment.

The warrants could be exercised any time before Feb. 4, 2030, at an exercise price of $4.18 a share. The warrant shares will vest over time based on discretionary payments by Amazon of up to $200 million.

Velodyne shares rose 58% to $5.95 in after-hours trading. The stock, which has traded from $3.13 to $24.70 over the past year, closed Monday at $3.77.


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Velodyne started trading publicly in 2020 after merging with Graf Industrial Corp., a special-purpose acquisition company.

The company is slated to report fourth-quarter and full-year results on Feb. 28. It reported a nearly 43% drop in revenue for the first nine months of the year, and its loss more than quadrupled to $174.8 million.

Write to Maria Armental at maria.armental@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the February 8, 2022, print edition as ‘Velodyne Shares Soar on Amazon Investment.’

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Velodyne shares rose 58% to $5.95 in after-hours trading.Maria ArmentalNewsletter Sign-upMarkets Alert
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