Benzinga | May 3, 2021 08:24AM EDT

CF Finance Acquisition Corp. III and AEye Amend Merger Agreement; AEye Prepares to List on Nasdaq Under Ticker Symbol "LIDR"

CF Finance Acquisition Corp. III (NASDAQ:CFAC) ("CF III"), a special purpose acquisition company sponsored by Cantor Fitzgerald, and AEye, Inc. ("AEye"), the global leader in active, next generation LiDAR solutions, today announced that due to recent valuation changes of publicly traded lidar companies and changing conditions in the automotive lidar industry, they have amended their previously announced merger agreement. Under the terms of the amended merger agreement, AEye will be valued on a pre-merger basis at $1.52 billion at the closing of the transaction, compared to $1.9 billion at the time of the merger announcement in February 2021.

The combined company will be called AEye Holdings, Inc., and AEye shareholders have elected to retain 100% of their equity holdings in the combined company. Upon closing, AEye will trade on Nasdaq under the ticker symbol "LIDR".