Fintech PR
Prospector Capital Corp. Shareholders Approve Previously Announced Business Combination with LeddarTech
Record date for the previously announced issuance of one additional Prospector Class A Share for each non-redeemed Prospector Class A Share will be on the closing date
QUEBEC CITY, Dec. 19, 2023 /PRNewswire/ — LeddarTech Inc.® (“LeddarTech” or the “Company”), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology for ADAS and AD, and Prospector Capital Corp. (“Prospector”) (Nasdaq: PRSR, PRSRU, PRSRW), a publicly traded special-purpose acquisition company led by former Qualcomm President Derek Aberle and chaired by former Qualcomm Vice Chairman Steve Altman, today announced that Prospector’s shareholders voted to approve the previously announced business combination between Prospector and LeddarTech Holdings Inc., a company incorporated under the laws of Canada and a wholly owned subsidiary of LeddarTech (“Newco”), at the extraordinary general meeting of Prospector’s shareholders held on December 13, 2023 (the “Extraordinary Special Meeting”).
Voters representing over 85% of the issued and outstanding ordinary shares of Prospector cast votes in favor of the proposal in connection with the business combination at the Extraordinary General Meeting. Prospector shareholders also voted to approve all other proposals presented at the Extraordinary General Meeting. In connection with the Extraordinary General Meeting, shareholders holding an aggregate of 855,440 Prospector Class A ordinary shares (the “Prospector Class A Shares”) exercised their right to redeem their Prospector Class A Shares for approximately US$ 10.91 per share of the funds held in Prospector’s trust account, leaving approximately US$ 14.6 million in cash in the trust account after satisfaction of such redemptions. 1,338,616 Prospector Class A Shares (representing approximately 60% of the total Prospector Class A Shares prior to redemptions) will remain outstanding after satisfaction of such redemptions. Prospector plans to file the results of the Extraordinary General Meeting, as tabulated by the inspector of elections, with the Securities and Exchange Commission (the “SEC”) on a Current Report on Form 8-K.
Upon closing of the transaction, which the parties are working expeditiously to effect, the combined company will operate as LeddarTech Holdings Inc. and is expected to be listed on Nasdaq under the ticker symbol “LDTC”, with warrants under the ticker symbol “LDTCW.”
Additionally, given that the transaction did not close on December 15, 2023 (the previously announced anticipated closing date), Prospector announced that the record date for the previously announced issuance of one additional Prospector Class A Share for each non-redeemed Prospector Class A Share to shareholders holding such non-redeemed Prospector Class A Shares did not occur, and instead will be on the date of the closing of the business combination.
About LeddarTech
A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal, Toronto and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS and autonomous driving (AD) applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.
LeddarTech is responsible for several remote-sensing innovations, with over 150 patent applications (80 granted) that enhance ADAS and AD capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.
Additional information about LeddarTech is accessible at www.LeddarTech.com and on LinkedIn, Twitter (X), Facebook and YouTube.
About Prospector Capital Corp.
Prospector is a special-purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses with a focus on companies with advanced and highly differentiated solutions for the technology sector. The company is led by a team of experienced investors and executives focused on identifying and investing in high-growth companies with strong management teams and attractive market opportunities. Prospector’s securities are traded on Nasdaq under the ticker symbols “PRSR,” “PRSRU” and “PRSRW.”
Important Information About the Proposed Transaction and Where to Find It
In connection with the proposed business combination, Prospector, LeddarTech and Newco have prepared and filed with the Securities and Exchange Commission (the “SEC”) the Registration Statement on Form F-4 (the “Registration Statement”), and Prospector will mail the proxy statement/prospectus contained within the Registration Statement to its shareholders and file other documents regarding the business combination with the SEC. This press release is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Prospector or Newco may file with the SEC in connection with the business combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND OTHER DOCUMENTS FILED BY PROSPECTOR OR NEWCO WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Registration Statement and other documents filed with the SEC by Prospector or Newco through the website maintained by the SEC at www.sec.gov.
Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act (which forward-looking statements shall also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements regarding the business combination involving Prospector, LeddarTech and Newco, the ability to consummate the business combination and the timing thereof, the anticipated benefits from the business combination, the closing of the private placement financing and expected proceeds therefrom and statements relating to Newco’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the business combination are not satisfied, including the failure to timely or at all obtain shareholder approval for the business combination or the failure to timely or at all obtain any required regulatory clearances, including of the Superior Court of Justice of Québec; (ii) uncertainties as to the timing of the consummation of the business combination and the ability of each of Prospector, LeddarTech and Newco to consummate the business combination; (iii) the possibility that other anticipated benefits of the business combination will not be realized, and the anticipated tax treatment of the business combination; (iv) the occurrence of any event that could give rise to termination of the business combination; (v) the risk that shareholder litigation in connection with the business combination or other settlements or investigations may affect the timing or occurrence of the business combination or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry-specific conditions; (vii) possible disruptions from the business combination that could harm LeddarTech’s business; (viii) the ability of LeddarTech to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the business combination; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the business combination that could affect LeddarTech’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; (xiii) access to capital and financing and LeddarTech’s ability to maintain compliance with debt covenants; and (xiv) other risk factors as detailed from time to time in Prospector’s reports filed with the SEC, including Prospector’s Annual Report on Form 10-K, periodic Quarterly Reports on Form 10-Q, periodic Current Reports on Form 8-K and other documents filed with the SEC, as well as the risk factors to be contained in the Registration Statement. The foregoing list of important factors is not exhaustive. Neither Prospector nor LeddarTech can give any assurance that the conditions to the business combination will be satisfied. Except as required by applicable law, neither Prospector nor LeddarTech undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Prospector or Newco, a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”).
Participants in Solicitation
Prospector, LeddarTech and Newco, and certain of their respective directors, executive officers and employees, may be deemed to be participants in the solicitation of proxies in connection with the business combination. Information about the directors and executive officers of Prospector can be found in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 31, 2023. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the business combination, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the Registration Statement and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the source indicated above.
- Investor relations website: investors.LeddarTech.com
- Investor relations contact: Kevin Hunt, ICR Inc. [email protected]
- Financial media contact: Dan Brennan, ICR Inc. [email protected]
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Daniel Aitken, Vice-President, Global Marketing, Communications and Investor Relations, LeddarTech Inc. Tel.: + 1-418-653-9000 ext. 232 daniel.aitken@LeddarTech.com
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HANGZHOU, China, April 27, 2025 /PRNewswire/ — Hikvision has announced its full-year financial results for 2024 and first-quarter results for 2025. In 2024, the company reported total revenue of RMB 92.496 billion, marking a 3.53% year‑over‑year (YoY) growth. In the first quarter of 2025, the company reported revenue of RMB 18.532 billion, up 4.01% YoY. Net profit attributable to shareholders reached RMB 2.039 billion, reflecting a 6.41% YoY increase.
Over the past two decades, Hikvision has established itself as a global security leader, developing a robust AIoT ecosystem encompassing over 30,000 products. Today, the company remains committed to steady and solid progress, navigating uncertainties with a positive and prudent approach. It maintained its leading position in the domestic security market while seeking growth from overseas markets and innovative businesses. With profitability as a central focus, the company is driving organizational transformation and refining management practices to support long-term, sustainable growth. Notably, Hikvision is at the forefront of leveraging breakthroughs in large-scale AI model technologies to accelerate scenario-based digitalization across diverse industries.
Throughout the past year, the company strengthened its overseas presence, with main business revenue from international markets rising to RMB 25.989 billion, accounting for 28.10% of total revenue and reflecting an 8.39% YoY growth. Hikvision’s overseas revenue spans over 180 countries and regions, with developing markets contributing more than 70% of that total. The steady increase of overseas business revenue has emerged as an important driver of the company’s overall profit growth. Meanwhile, Hikvision’s innovation businesses continued to grow rapidly, with revenue reaching RMB 22.484 billion.
In 2024, Hikvision continued to prioritize research and development, investing RMB 11.864 billion in R&D, accounting for 12.83% of its total revenue. Over the years, the company has built a multi-level R&D system with the headquarters’ R&D capabilities at the core, radiating to key regions both domestically and internationally.
In its latest developments, Hikvision is actively advancing AIoT technologies, with its Guanlan Large-Scale AI Models integrating vision, language, and multimodal capabilities, among others. These innovations have significantly enhanced both perception and cognition abilities of Hikvision’s products and solutions. For instance, in perimeter protection, the large vision model can achieve a 90% reduction in false alarms.
Looking ahead, Hikvision is committed to a strategy of high-quality growth, with a stronger focus on driving innovation, enhancing efficiency and ensuring long-term sustainability.
Click here for more information.
View original content:https://www.prnewswire.co.uk/news-releases/hikvision-releases-2024-full-year-and-2025-first-quarter-financial-results-302439140.html
- $135M Capital Raise, Comprised of Private Placement and In-Kind Contributions, Aims at Increasing iMENA’s Shareholding in Existing Businesses
- Company completes restructuring into a Saudi company, iMENA Holding
- Transformation part of evolution into regional digital powerhouse.
RIYADH, Saudi Arabia, April 27, 2025 /PRNewswire/ — iMENA Group (“iMENA”), a regional leader in digital platforms in the MENA region, has raised $135 million from Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), FJ Labs, a global venture capital firm known for backing category-leading marketplace and network-effect platforms, and Saygin Yalcin, the founder and CEO of SellAnyCar, and a number of other leading Saudi investors.
The capital raise is compromised of a private placement and in-kind contributions and is the first tranche of a pre-IPO funding round. The new funding round will be used to increase iMENA’s shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny; to drive vertical and geographic expansion; and to improve synergies across its platforms.
iMENA confirmed that it has now restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding. This transformation marks a major milestone in the company’s evolution into a regional digital powerhouse, ahead of a potential public listing. Furthermore Saygin Yalcin will also join iMENA’s Board of Directors and management committee to help drive strategic direction for the company.
Nasir Alsharif, Chairman of iMENA Holding said: “This transaction marks an important inflection point for iMENA in its journey to IPO-readiness by taking advantage of the great opportunities provided by the Kingdom’s Vision (2030) and in cooperation with the largest investment entities. We are shaping the future of the region’s digital economy as a platform of internet marketplaces driving innovation at pace and at scale. The high growth and profitability of our businesses, in sectors and markets within which we have high conviction, provides material value creation opportunities and an exciting pathway for us to accelerate forward.“
A spokesperson at Sanabil Investments added: “We are excited to invest in iMENA Holding, a digital platform with proven scalability and profitability. Leveraging our own experience in internet marketplaces, we understand their unique strategy and are committed to bringing our expertise to support their growth and future IPO aspirations on the Saudi Exchange.“
Acting as financial advisor to iMENA Holding on the private placement, Hossam AlBasrawi, CEO of Al Rajhi Capital commented “Al Rajhi Capital is proud to support iMENA’s transformation and potential IPO journey. The group’s integrated model and strategic vision make it a standout in the region’s digital landscape“.
Closing of the capital raise remains subject to standard closing conditions and the approval of the authorities in Saudi Arabia.
iMENA Holding’s new Board of Directors will comprise the following regional leaders and sector veterans:
- Nasir Alsharif, Chairman of iMENA, Board Member at AWJ Holding Company and Executive Chairman of Sackville Capital
- Khaldoon Tabaza, Co-founder & Managing Director of iMENA
- Adey Salamin, Co-founder of iMENA and CEO of OpenSooq
- Saygin Yalcin, Founder & CEO of SellAnyCar
- Mazin AlDawood, CEO of Osool & Bakheet Investment
- Usman Sikandar, Head of Investment Banking at Al Rajhi Capital
- Marco Somalvico, Vice President M&A of E&
Sanabil Investments will also appoint a member to the Board of Directors of iMENA Holding in due course.
iMENA’s businesses, OpenSooq, SellAnyCar, and Jeeny, are regional leaders in horizontal and vertical marketplaces across the largest sectors in the region, including real estate, automotive, and mobility, with operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region. iMENA’s businesses are profitable and growing rapidly, with an average annual growth rate exceeding 55%. Almost 40% of the aggregate revenues of iMENA’s businesses come from Saudi Arabia, with another 40% from the UAE, making them iMENA’s two core strategic markets. iMENA’s businesses aim to serve as a compelling proxy for the digital economy in the Middle East and North Africa region, giving investors direct exposure to the region’s fastest-growing online sectors.
About iMENA Holding:
iMENA was founded in 2012, and has evolved into a regional internet champion, building and scaling high-growth internet businesses across the Middle East and North Africa region. The company was co-founded by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, joined as part of this restructuring by Saygin Yalcin, plan to leverage their expertise in technology and investment to continue building and operating digital marketplaces. Over the years, iMENA has launched, acquired, scaled, and successfully exited from a number of successful regional platforms, thereby becoming a strategic consolidator in the digital economy.
- Nasir Alsharif, iMENA’s Chairman, is an experienced investor and builder of investment businesses across venture capital, technology and broader private markets, with current roles including Board Member at AWJ Holding Company and Executive Chairman of Sackville Capital.
- Khaldoon Tabaza, Managing Director of iMENA Holding and Chairman of Opensooq, is a pioneer in the region’s technology and venture capital ecosystem with more than 30 years of experience in building and investing in digital ventures across MENA, including founding the first venture-backed online business in the MENA region more than 25 years ago.
- Adey Salamin is a marketplace expert and the CEO of OpenSooq, known for scaling the platform into one of the region’s most visited websites and mobile applications. Adey has over 20 years of experience as a founder, operator, investor, and advisor of growth businesses.
- Saygin Yalcin is a serial entrepreneur and Founder & CEO of SellAnyCar, one of the most prominent digital automotive brands in the Middle East. Previously, he was Founder and CEO of Sukar.com and Vice President of Souq.com following a merger forming the Middle East’s largest E-commerce group that was later acquired by Amazon.
For more information on OpenSooq, please visit: www.opensooq.com
For more information on SellAnyCar, please visit: www.sellanycar.com
For more information on Jeeny, please visit: www.jeeny.me
Contact:
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Fintech PR
CGTN: Unboxing economic policy tools: What’s behind China’s latest CPC leadership meeting?
BEIJING, April 26, 2025 /PRNewswire/ — CGTN published an article on China’s latest leadership meeting on the economic situation and work. Exploring the country’s economic policy tools, the article highlights the strong resilience and potential of the Chinese economy. It also takes a look at the meeting’s stress on enhanced efforts to accelerate the implementation of more proactive and effective macro policies, as well as boosting services consumption to strengthen the overall role of consumption in driving economic growth.
China’s economy delivered a strong start in the first quarter of the year, demonstrating steady performance and resilience.
The country’s GDP grew 5.4 percent year on year to 31.8758 trillion yuan (about $4.42 trillion) in Q1 2025, ranking among the highest of the world’s major economies and positioning the country to better weather global uncertainties.
During a meeting held by the Political Bureau of the Communist Party of China Central Committee on Friday, the Chinese leadership analyzed and studied the current economic situation and economic work.
Noting that the country has seen its economy improve this year, with public confidence continuously boosted and solid progress made in high-quality development, the meeting called for efforts to accelerate the implementation of more proactive and effective macro policies and boost service consumption to strengthen the role of consumption in driving economic growth.
More proactive, effective macro policies
Besides the GDP, China has seen other economic indicators exceeding market expectations in the first quarter. For example, fixed-asset investment went up 4.2 percent year on year, with investment in infrastructure construction rising 5.8 percent and manufacturing investment increasing 9.1 percent.
Thanks to policy support, local-level responsiveness and the rapid buildup of innovation-driven momentum, the country’s economy showcases strong resilience and potential.
China has made thorough policy preparations to address external changes, as a series of targeted macro policies have already taken effect, and more incremental policies will be introduced as needed to mitigate external shocks.
Friday’s meeting called for efforts to make full use of a more proactive fiscal policy and a moderately loose monetary policy, coordinate domestic economic work and endeavors in the international economic and trade field, unswervingly manage the country’s own affairs well, and keep employment, businesses, markets and expectations stable.
Luo Zhiheng, chief economist at Yuekai Securities, said efforts should be made to make good use of aggregate and structural policy tools, cut the reserve requirement ratios and interest rates when appropriate, and boost consumption and corporate investment demand.
A multi-pronged approach for struggling enterprises
To aid businesses facing challenges, the meeting urged a multi-pronged approach, including stronger financial support and accelerating integration between domestic and foreign trade development.
Stressing the need to ensure people’s livelihood, it said that for enterprises that suffered relatively bigger impacts from tariffs, the proportion of unemployment insurance funds returned to enterprises to keep payrolls stable will be increased.
Amid recent U.S. tariff hikes, China’s foreign trade enterprises are actively responding with innovative products, seizing orders and expanding markets.
The country has also taken swift and proactive measures to cope with tariff shocks – reaching out to broader overseas markets while bolstering domestic sales channels with upgraded products.
Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, urged the use of policies such as financial support and consumption coupon subsidies to further support foreign trade enterprises and continue to increase financial subsidies for export-to-domestic enterprises.
Boosting service consumption
Friday’s meeting also highlighted the need to boost service consumption, urging a swift removal of restrictive measures in the consumption sector and proposing to introduce a re-lending facility for service consumption and elderly care.
Service consumption has gradually become a new engine of economic growth and an important area for tapping consumption potential. In the first quarter of 2025, retail sales of consumer goods, a major indicator of the country’s consumption strength, gained 4.6 percent year on year.
Supported by targeted policies to boost consumption, service-related spending also picked up pace. In the first quarter, retail sales of services grew 5 percent year on year.
In addition, a series of documents to boost service consumption are implemented intensively. For instance, Chinese authorities have unveiled a work plan to boost service consumption in 2025 and released a series of new measures aimed at expanding and upgrading consumption in the domestic services sector as part of broader efforts to stimulate domestic demand.
A report released by a think tank, the China Institute for Reform and Development, forecasts that by 2030, the per capita services consumption of China’s urban and rural residents could exceed 20,000 yuan, accounting for more than half of total consumption.
Services consumption has become a propeller of goods consumption, and a “goods-like services” trend is gaining momentum across the country, said Chi Fulin, head of the think tank.
For more information, please click:
https://news.cgtn.com/news/2025-04-25/Unboxing-China-s-economic-policy-tools-after-latest-leadership-meeting-1CRzRDF2bLi/p.html
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