LeddarTech Inc., a Canadian automotive software program firm, goes public via a merger with a blank-check firm led by Qualcomm Inc.’s former president, in response to folks aware of the matter.

The transaction will give LeddarTech a professional forma fairness worth of $348 million (all figures in USD), the folks stated, asking to not be recognized discussing non-public info. The transaction will present the corporate with $23 million from the blank-check firm Prospector Capital Corp., assuming buyers don’t redeem their shares, and $43 million from a non-public funding in public fairness, or PIPE, they stated. 

Proceeds from the deal shall be used to fund the enlargement of the corporate’s product line and the commercialization of its first embedded software program options, the folks stated.

Prospector is a particular function acquisition firm, or SPAC, led by Derek Aberle, former president at Qualcomm. The blank-check agency raised $325 million in an preliminary public providing in 2021 with the intention of merging with a expertise firm. Although Prospector had prolonged it’s deadline for a merger this previous January, buyers have redeemed a lot of the shares.

LeddarTech develops and offers sensor fusion and notion software program expertise for autonomous automobiles and superior driver help programs, or ADAS. Headquartered in Quebec Metropolis, the agency additionally has main R&D facilities in Montreal, Toronto and Tel Aviv.