On February 07, Velodyne Lidar Inc. (VLDR) filed a transaction agreement with the SEC dated February 04. According to this, the company has agreed to issue a warrant to Amazons’ subsidiary NV Investment Holdings LLC for 39.6 million shares. Consequently, the stock rallied after hours at a super heavy volume of 12.37 million shares.
The regular session on Monday also witnessed a heavy volume of 14.16 million shares, 384% of its average. VLDR remained in the red during the session with a loss of 0.79% at its close of $3.77. Following the filing, the stock gained a huge 63.13% in the after-hours. Hence, VLDR was trading at $6.15 per share in the after-hours on Monday.
The lidar solutions provider, Velodyne Lidar Inc. has a market capitalization of $744.42 million. Currently, the company has 195.9 million shares outstanding in the market.
VLDR’s SEC Filing
According to the SEC filing, the Amazon subsidiary will be granted an option for buying up to 39,594,032 common stock shares of VLDR. Moreover, the Amazon subsidiary can exercise the warrant at $4.18 per share, on or before February 04, 2030. The warrant shares, upon discretionary payments of up to $200 million, will vest over time.
Subsequent to the filing, shares of VLDR almost doubled after hours while it has lost 18.75% year to date. Furthermore, the stock suffered a huge loss of 84.27% last year due to an internal conflict and CEO resignation in July 2021. It seems the Amazon investment might take the stock nearly back to its previous glory days. Given that the stock maintains its bullish course, the stock seems to be up for some good gains.
New Appointment
On January 31, the company announced the appointment of Dr. Anurag Gupta as its Executive Vice President of Engineering. Before joining the company, Dr. Gupta served as the Senior VP of Engineering at Sense Photonics. Previously, he had also served at View, Inc., Google, HP, Tamarack Scientific, etc. Dr. Gupta holds over 80 patents in several industries.
At VLDR, Dr. Gupta will lead the engineering team to deliver high-value hardware and software solutions.
VLDR’s Financials
VLDR had a net loss of $37.5 million on revenue of $13.1 million in the third quarter of 2021. Thus, the company had a non-GAAP net loss of $0.19 per basic and diluted share in Q3 of 2021.
In addition, the company will declare its Q4 and FY2021 financial results on February 28, 2022.
