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
View original content:https://www.prnewswire.co.uk/news-releases/prospector-capital-corp-shareholders-approve-previously-announced-business-combination-with-leddartech-302019119.html
Fintech PR
Enabling Regenerative Agriculture for Independent Smallholders in Indonesia: The BIPOSC Project, in Collaboration with Musim Mas, L3F, SNV Indonesia, and ICRAF
JAKARTA, Indonesia, Oct. 18, 2024 /PRNewswire/ — Musim Mas Group, the Livelihoods Fund for Family Farming (L3F), SNV Indonesia, and World Agroforestry (ICRAF) are collaborating to improve the knowledge and capacity of independent oil palm smallholders through the Biodiverse & Inclusive Palm Oil Supply Chain (BIPOSC) project.
The project began in 2021 and takes a long-term approach to sustain a deforestation-free supply chain, regenerate degraded land, restore local biodiversity, and improve the livelihoods of independent smallholder farmers in Labuhanbatu, North Sumatra. BIPOSC will achieve this through implementing regenerative agriculture, locally adapted agroforestry models, capacity-building for sustainable businesses, and others.
The independent palm smallholders taking part previously received complementary training from Musim Mas. Following the training, these smallholders formed a smallholder’s association, Labuhanbatu Independent Oil Palm Smallholders Association (APSKS LB), North Sumatra. Musim Mas encourages smallholders to form associations to get better access to resources and obtain certification by the Roundtable on Sustainable Palm Oil (RSPO) and Indonesian Sustainable Palm Oil (ISPO).
“Musim Mas has long saw that smallholders are key to achieving palm oil sustainability, and that’s why we lead Indonesia’s most extensive smallholder program. We believe that the way forward is to collaborate with more partners to achieve a wider impact. With our BIPOSC partners, we hope to advance the skills and knowledge of smallholders through regenerative agriculture and related techniques. Regenerative agriculture and agroforestry have the potential to help smallholders be part of a sustainable palm oil supply chain. It could help them develop alternative sources of income, especially during the replanting period where their palm oil crops are unproductive, typically for three years,” said Rob Nicholls, General Manager, Projects & Programs, Musim Mas Group.
In the face of climate change and threatened biodiversity, regenerative agriculture can play a role for small farms because it maintains soil health, prevents erosion and water runoff, and can potentially reduce greenhouse gas emissions and nitrogen leakage.
“As a global development partner organization, SNV aims to support Indonesia in achieving its Sustainable Development Goals (SDGs). To achieve this, we need to implement effective and impactful programs to transform agricultural and food systems, energy, and water. In the BIPOSC program, we promote a comprehensive regenerative agriculture and agroforestry model to maintain soil fertility and biodiversity, providing maximum benefits for farmers’ livelihoods and economy,” said Rizki Pandu Permana, Country Director of SNV Indonesia.
The key regenerative agriculture techniques taught include the application of bio-input, mulching to protect topsoil, planting cover crops, integrated pest management that reduces the need for chemical pesticides, and application of compost that reduces the amount of chemical fertilizers needed. To date, 1,032 independent smallholders received training and implement these techniques on their farms, representing a total land with a total area of 1,063.68 hectares. The project trained 25 village facilitators to provide hands-on assistance to smallholders, and seven demo plots established as pilot areas and learning facilities for regenerative agriculture.
“When I visited palm oil smallholders a few years ago in the area, their biggest concern was access to more fertilizers. While fertilizers play a key role in boosting yields, there was a noticeable gap in understanding how to protect the soil from long-term degradation. Smallholders needed more knowledge about maintaining soil health, preserving soil structure, and other critical factors. This is exactly what the BIPOSC project aimed to address, and we’re pleased to see that the farmers involved are now reporting not only higher yields but also healthier soils on their plots,” said Bernard Giraud, President & Co-Founder, Livelihoods.
The projectalso looks into capacity-building. In addition to home composting, the project enabled the local farmer association, APSKS LB, to develop and manage a composting unit with a capacity of 100-150 tons/month. Producing compost at scale with inputs from nearby mills and farmer plots, the unit offers compost to member farmers at half of typical market prices. In 2023, its first year of operation, the unit produced 588 tons of compost, and generated a profit of IDR 421 million. The project partners believe it is a model that can be replicated elsewhere.
“One of the most impactful outcomes of this project for smallholders is the Composting Unit as the business model around it. It enables smallholders to obtain compost affordably, and the profits are shared among member farmers. This is a practical solution to promote the adoption of composting, and all ASPKS-LB smallholders are now using compost in their plots,” said Syahrianto, Chairman of the Labuanbatu Independent Oil Palm Smallholders Association.
As of 2023, independent smallholders manage about 41% of oil palm planted areas in Indonesia, representing 6.94 million hectares. This figure is expected to increase to 60% by 2030, making projects like BIPOSC critical in shaping the future of sustainable palm oil production.
Devane Sharma
[email protected]
Photo – https://mma.prnewswire.com/media/2533466/DSCF9193.jpg
Photo – https://mma.prnewswire.com/media/2533468/DSC07760.jpg
Photo – https://mma.prnewswire.com/media/2533467/DSCF0748.jpg
View original content:
JAKARTA, Indonesia, Oct. 18, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, is thrilled to announce a partnership with Bank Rakyat Indonesia (BRI) to provide Indonesian customers with real-time international money transfer capabilities. This collaboration aims to enhance the cross-border offerings for BRI’s individual and corporate customers, delivering more accessible and cost-effective financial services across Indonesia.
This partnership empowers more than 150 million BRI account holders, including those in remote regions of Indonesia, to access modern, real-time cross-border payment services. The offering includes a variety of real-time payment mechanisms, supporting bank account destinations, a global electronic card network, and digital wallets. These innovations are closely aligned with BRI’s ongoing mission to provide affordable and customer-focused financial products, particularly for traditionally underserved communities.
BRI’s Corporate Secretary, Agustya Hendy Bernadi, emphasized BRI’s dedication to constantly improving customer convenience through innovations in its global network and cross-border transaction services. “This collaboration reflects BRI’s continuous efforts to enhance productivity and efficiency by expanding its digital payment channel network to meet the growing demand for global transactions,” he said. Agustya added that the partnership with Nium aligns perfectly with BRI’s vision to be Southeast Asia’s most valuable banking group and a champion of financial inclusion by 2025. “With Nium’s global transaction network, BRI strengthens the digitalization of its business processes and enhances retail banking capabilities in line with our 2025 strategic vision.”
Anupam Pahuja, General Manager and Executive Vice President for Asia Pacific, Middle East, and Africa at Nium, shared his excitement about the partnership, highlighting BRI’s extensive presence across Indonesia’s 17,000 islands. “By integrating Nium’s advanced technology into BRI’s platform, we are dedicated to providing BRI’s customers, no matter where they are, with access to exceptional financial services. This partnership will remove the risks associated with cash handling and provide faster, more cost-effective transactions—whether individuals are sending money to family members abroad or businesses are making international payments.”
Cross-border payments are projected to grow significantly in Indonesia, with a forecasted year-on-year increase of 15% through 2025, driven largely by the digital transformation in financial services (Statista, 2024).
This partnership between BRI and Nium is expected to transform the way Indonesians engage with global financial services, meeting the rising demand for modern payment infrastructure and enhancing the overall experience for BRI’s customers in their international transactions.
About Nium
Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
Logo – https://mma.prnewswire.com/media/1678669/4973639/Nium_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bri-partners-with-nium-to-expand-real-time-cross-border-payment-solutions-302279138.html
Fintech PR
Grexie Signchain Launches on November 1st, 2024: Enabling Smart Contract Developers to Bring Off-Chain Data On-Chain with Seamless Gas-Paid Signing
Grexie Signchain enables developers to sign off-chain data into smart contracts, with self-hosted or secure vault signer wallet management.
MANCHESTER, England, Oct. 17, 2024 /PRNewswire/ — Grexie Limited proudly announces the launch of its innovative smart contract solution, Signchain, on November 1st, 2024. Designed specifically for developers, Signchain introduces a powerful way to bring off-chain data on-chain through user-paid gas fees and secure signing of data into smart contract methods using its extendable smart contract, Signable.
In the growing landscape of blockchain technology, securely managing off-chain data and integrating it into on-chain smart contracts has posed significant challenges for developers. Signchain eliminates these hurdles by offering a robust, gas-efficient system for signing and authenticating data in real-time.
Key Features of Signchain:
1. Seamless Off-Chain to On-Chain Data Integration
Signchain enables developers to securely bring off-chain data on-chain by signing it directly into smart contract methods through user-paid gas fees. This integration ensures that data authenticity is preserved, and its entry into the blockchain remains tamper-proof, streamlining processes for industries relying on real-world data verification. Signchain also supports integration with Google Sheets, AWS, and Firebase, making it easy to pull data from popular off-chain data sources.
2. Extendable Smart Contract – Signable
The core of Signchain’s technology is its extendable smart contract, Signable, which allows developers to customize and build upon existing smart contracts. With Signable, developers can easily implement contract signatures for any data type, offering flexibility across industries from finance to logistics and beyond.
3. Signer Wallet Management
Signchain offers comprehensive signer wallet management as part of its service, empowering developers to manage and authenticate signers effectively. Wallets can either be self-hosted using Signchain’s Docker container for those who prefer their own infrastructure, or they can leverage Signchain’s network of secure vaults for maximum security.
4. Self-Hosted or Managed Service
For developers who want full control of their infrastructure, Signchain provides a self-hosted option via Docker containers, allowing them to deploy the platform on their own servers. Alternatively, developers can opt to use Signchain’s secure vault network, offering a hassle-free solution with enterprise-grade security and wallet management.
5. User-Paid Gas Fees
By integrating a user-paid gas fee model, Signchain allows users to cover the costs of signing and authenticating their data, ensuring the signing process is efficient and doesn’t overburden developers with additional expenses. This makes Signchain an ideal solution for dApps and platforms handling high transaction volumes.
6. Google Sheets, AWS, Firebase Integration with Serverless Model
Signchain supports integration with Google Sheets, AWS, and Firebase in a serverless model, powered by a hosted Sign In With Ethereum (SIWE) implementation provided by Signchain’s API. Developers can simply connect their Google Sheets and configure the contract parameters associated with each column. Signchain will automatically look up the user’s wallet address in the spreadsheet, sign the transaction data, and execute it in the blockchain along with any user-supplied parameters. This creates an easy, efficient way to manage data inputs from off-chain sources without heavy infrastructure setup.
Revolutionizing Smart Contract Workflows
With Signchain, developers now have the tools to handle the complexities of integrating off-chain data into smart contracts. The extendable nature of Signable offers flexibility, allowing developers to cater to various use cases, whether it’s automating financial transactions, supply chain data, or verifying legal agreements.
Tim Behrsin, CEO of Grexie Limited, said, “Signchain is more than just a signing solution—it’s a platform that empowers developers to securely integrate off-chain data into their smart contracts with minimal effort. The flexibility of Signable and our focus on signer wallet management offers developers control and security at every stage of the process.”
Why Signchain Matters
Signchain addresses critical challenges faced by developers, particularly those dealing with off-chain data. By signing data into smart contracts and enabling user-paid gas fees, the platform significantly reduces friction in managing secure, scalable smart contracts. Whether developers need to manage high volumes of data transactions or create bespoke smart contracts, Signchain offers a scalable and secure solution.
In industries like DeFi, real estate, and supply chain management, data integrity and security are paramount. Signchain’s secure vault network and customizable signing workflows allow businesses to handle sensitive information with confidence.
Launch Event and Future Developments
The official launch of Signchain will take place on November 1st, 2024, alongside a virtual event. The event will showcase live demonstrations of Signable, with detailed walkthroughs of the Docker-based self-hosted solution and signer wallet management features. Attendees will also get an exclusive preview of future enhancements, including multi-signature workflows and advanced blockchain network integrations.
About Signchain
Signchain is a cutting-edge platform developed by Grexie Limited, based in Manchester, Cheshire, United Kingdom. Signchain simplifies smart contract development by offering a secure, scalable, and customizable solution for signing and authenticating off-chain data on-chain. Developers can either self-host the solution using Signchain’s Docker container or rely on the network’s secure vault infrastructure. With an emphasis on security, flexibility, and developer experience, Signchain is set to transform how smart contracts handle off-chain data.
For more information, visit signchain.net.
Logo – https://mma.prnewswire.com/media/2533672/Signchain_Logo.jpg
Photo – https://mma.prnewswire.com/media/2533843/Signchain_flow.jpg
PDF – https://mma.prnewswire.com/media/2533539/Signchain_Whitepaper.pdf
View original content:SOURCE Grexie Limited
-
Fintech PR7 days agoBybit Doubles Down on Rewards for Late Entrants of WSOT 2024 With New 100,000 Prize Pool
-
Fintech PR7 days agoVantage Markets Adds Another Feather to its Cap: Wins Best Forex Affiliate Program at Global Brand Awards 2024
-
Fintech PR7 days agoRSM US and RSM UK pursue transatlantic merger to strengthen global client offering and deliver long-term growth
-
Fintech PR7 days agoBybit x Block Scholes Derivatives Report Uncovers BTC Call Option Boom Amidst Election Uncertainty
-
Fintech PR7 days agoOCI to Close Divestment of Controlling Stake in Fertiglobe
-
Fintech PR7 days agoBitget Launches Telegram App Centre, Featuring Over 600 TON Trending Mini-Apps
-
Fintech PR7 days agoBingX Launches Telegram Mini App for Seamless Copy Trading
-
Fintech PR5 days agoStatement regarding revised possible cash offer from ABC Technologies Inc. and extension of Rule 2.6 deadline