Ouster, Velodyne Lidar achieve guidance, announce combined board of directors » 21:2102/0102/01/23
Ouster (OUST) and…
Ouster (OUST) and Velodyne Lidar (VLDR) "announced the proposed designations for the Board of Directors of the Combined Company, subject to approval by the Ouster Board of Directors and closing the proposed merger of equals. After careful deliberation in the months following the announcement of the proposed merger, Ouster and Velodyne each selected their four designees to serve as directors of the Combined Company after the proposed merger closes." The companies also announced that Ouster achieved its FY22 guidance of $40M to $55M in revenue and 25%-30% in gross margins. Velodyne exceeded its Q4 guidance of $13M and $15M in billings and $12M to $14M in revenue."
|Over a week ago|
Velodyne Lidar has not yet reached stockholder votes required for Ouster merger » 05:2401/2401/24/23
Velodyne Lidar (VLDR) is…
Velodyne Lidar (VLDR) is urging stockholders to cast their votes in favor of the proposed merger with Ouster (OUST). As of January 23, over 97% of those voting have voted to approve the proposal to effect the merger. At this time, Velodyne has not reached the minimum quorum. Voters must cast their votes in order to be counted in the special meeting of stockholders on January 26. "We are pleased that our shareholders have overwhelmingly voted in favor of the proposed merger so far," said Ted Tewksbury, CEO and member of Velodyne's Board of Directors. Dr. Tewksbury will serve as Executive Chairman of the combined company upon the successful completion of the proposed merger. "The stockholders voting to date, including our management team and Board of Directors, recognize the transformative attributes and synergies of the transaction, which will best position the Company to generate long-term value for all stockholders." Tewksbury continued, "Voting by each of our stockholders is very important and every vote counts - no matter the size of your position. As a condition for the merger to proceed, we need over 50% of our outstanding shares to be voted affirmatively "FOR" the merger before the Special Meeting of Stockholders is held on January 26, 2023. At present, we have not reached the votes required for the meeting quorum. We urge stockholders of record to vote today and we thank you in advance for your support."
Velodyne announces Glass, Lewis, & Co recommends stockholders vote 'FOR' merger » 09:0801/1201/12/23
Velodyne Lidar (VLDR)…
Velodyne Lidar (VLDR) announced that independent proxy advisory firm Glass, Lewis & Co. has recommended that shareholders vote "FOR" the proposed merger with Ouster (OUST) at the Company's upcoming Special Meeting of Stockholders, scheduled for January 26, 2023. "The combination of Ouster and Velodyne is expected to unlock enormous synergies, creating a company with the scale and resources to deliver stronger solutions for customers and society, while accelerating time to profitability and enhancing value for shareholders," said Dr. Ted Tewksbury, CEO and member of Velodyne's Board of Directors. Dr. Tewksbury will serve as Executive Chairman of the combined company upon the successful completion of the proposed merger. "The merger is a transformational transaction that the Board believes best positions the company to generate long-term value for all stockholders," continued Dr. Tewksbury. "Velodyne is pleased that Glass Lewis shares the belief that the proposed merger with Ouster is in the best interests of Velodyne's stockholders and supports the Board's unanimous recommendation that shareholders vote "FOR" the transaction."
|Over a month ago|
Velodyne Lidar price target lowered to $1.30 from $1.70 at Citi » 06:2112/0712/07/22
Citi analyst Itay…
Citi analyst Itay Michaeli lowered the firm's price target on Velodyne Lidar to $1.30 from $1.70 and keeps a Neutral rating on the shares. The analyst updated his model for the Q3 results, recent events and other data points.
Velodyne Lidar signs multi-year agreement with GreenValley International » 06:4811/1711/17/22
Velodyne Lidar announced…
Velodyne Lidar announced a multi-year agreement to provide its lidar sensors to GreenValley International for handheld, mobile and unmanned aerial vehicle 3D mapping solutions, including in GPS-denied environments. Velodyne is already shipping sensors to GreenValley as part of this agreement.
What You Missed This Week in EVs and Clean Energy » 10:4811/1411/14/22
TSLA, GM, F, RIVN, LCID, RIDE, NIO, SPWR, BEEM, SEDG, VLDR, OUST
Velodyne Lidar downgraded to Perform from Outperform at Oppenheimer » 08:5711/0911/09/22
Oppenheimer analyst Colin…
Oppenheimer analyst Colin Rusch downgraded Velodyne Lidar (VLDR) to Perform from Outperform. With Velodyne Lidar announcing its merger with Ouster (OUST), the analyst believes the combined platform is poised to substantially outgrow peers with an industry-leading IP and product portfolio combined with a strong balance sheet and a highly capable management team. While bullish on the merger and believing the combined entity will be able to execute on its target of $75M in annual cost savings, he is moving to the sidelines on Velodyne Lidar shares for now as details of the merger are finalized. Rusch expects further information to become available in early 2023 and will re-evaluate his valuation at that point.
Velodyne Lidar upgraded to Hold from Sell at Craig-Hallum » 08:4611/0911/09/22
Craig-Hallum analyst Richard Shannon upgraded Velodyne Lidar (VLDR) to Hold from Sell with a price target of 85c, down from $1. The analyst notes the company's quarter was in-line with billings flat quarter-over-quarter, and opex coming down meaningfully, showing Velodyne is making good on its commitment to right-size the ship. The company's guide up quarter-over-quarter, likely continued opex reductions, and improving supply chain, show stabilizing business fundamentals that should meaningfully reduce cash burn and give investors more confidence in a stock that's trading with a negative EV on today's cash balance, Shannon argues. That said, the biggest dynamic for investors in this stock today is the proposed merger with Ouster (OUST), he argues.
Velodyne Lidar sees Q4 revenue $12M-$14M, consensus $11.77M 16:0211/0811/08/22
Velodyne Lidar reports Q3 adjusted EPS (13c), consensus (20c) » 16:0111/0811/08/22
Reports Q3 revenue $9.6M,…
Reports Q3 revenue $9.6M, consensus $9.94M. "We delivered another solid quarter, experiencing strong demand while making significant progress on initiatives to improve our gross margin and lower our cost structure," said Dr. Ted Tewksbury, CEO of Velodyne Lidar. "Our growing customer traction across multiple markets, as evidenced by the agreements we have recently announced, further validates Velodyne's position as a go-to supplier of affordable lidar solutions that deliver the performance needed to navigate complex indoor and outdoor industrial and factory settings. The acquisition of Bluecity further bolsters our ability to deliver end-to-end system solutions by integrating software and hardware, providing us with a competitive advantage in multiple end markets."