Cepton jumps on Japanese partner's investment interest

Cepton

31/08/2022 11:40

** Shares of technology solutions firm Cepton Inc  CPTN.O 
up ~19% at $2.06 premarket, set to open at a four-week high    
    ** CPTN gets a letter of intent from Japanese automotive
partner Koito Manufacturing Co Ltd  7276.T  to invest up to $100
mln in convertible non-voting preferred stock   urn:newsml:reuters.com:*:nBw8XWGM3a
    ** Koito held a near 12.6% stake in CPTN as of Aug. 29; CPTN
has a market cap of $269.2 mln as per Refinitiv
    ** Three of four analysts covering the stock rate it "buy"
with one "hold"; their median PT is $3.88
    ** Up to Tuesday's close, stock had fallen ~83% YTD compared
with a ~21% decline in the NASDAQ Industrial Index  .IXID 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))