Micro Cap Soars On Definitive Agreement Announcement

By: Tomas Ronolski - AllPennyStocks.com News

Monday, July 29, 2024

A tech firm out of California is making major waves on Monday after it was announced that it singed a definitive agreement to be acquired by Koito Manufacturing Co., Ltd, a leading automotive tier one supplier, of all of the outstanding capital stock of the Company not owned by Koito for $3.17 per share in an all-cash transaction.

This sent traders into a buying frenzy for shares of Cepton Inc. (Nasdaq:CPTN), with shares of the micro cap reaching $3.05/share (+20.55%) at the early session high. This move is a breath of fresh air for those who have been holding since May when the stock was near this level last.

Cepton Inc provides lidar-based solutions for a range of markets such as automotive, smart cities, smart spaces and smart industrial applications. The company's patented MMT-based lidar technology enables reliable, scalable and cost-effective solutions that deliver long range, high resolution 3D perception for smart applications.

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