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Graf Industrial Corp. Announces Special Meeting Date to Approve Proposed Business Combination with Velodyne and Move to Nasdaq | 2020-09-14 | Press Releases

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HOUSTON, Sept. 14, 2020 /PRNewswire/ — Graf Industrial Corp. (“Graf” or the “Company”) (NYSE: GRAF, GRAF.U, GRAF WS), a special purpose acquisition company, announced today that it has scheduled the special meeting of its stockholders (the “Special Meeting”) to approve its proposed business combination (the “Business Combination”) with Velodyne Lidar, Inc. (“Velodyne”) for September 29, 2020.

Graf, whose securities are currently listed on the New York Stock Exchange (the “NYSE”), also announced that it intends to list the shares of common stock and warrants of the post-combination company, to be named Velodyne Lidar, Inc., on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbols “VLDR” and “VLDRW”, respectively, following the closing of the Business Combination. The decision to list on Nasdaq was made in consideration of the Business Combination and enables the post-combination company to be listed alongside the other innovative technology companies that are also listed on Nasdaq. At the closing of the Business Combination, Graf will also delist its units, shares of common stock and warrants from the NYSE. The Nasdaq listing and NYSE delisting are subject to the closing of the Business Combination and fulfillment of all Nasdaq listing requirements.

Earlier today, Graf filed its definitive proxy statement for the Special Meeting (the “Proxy Statement”) and expects to mail the Proxy Statement to its stockholders of record as of September 14, 2020, the record date for the Special Meeting (the “Record Date”), on or about September 17, 2020. Graf urges all of its stockholders of record as of the Record Date to review the Proxy Statement and submit their votes on the proposals set forth therein in advance of the Special Meeting. If you are a Graf stockholder of record as of the Record Date, please vote as soon as possible by following the instructions set forth in the Proxy Statement to make sure that your shares are represented at the Special Meeting. If you are a Graf stockholder and hold your shares in “street name” through a bank, broker or other nominee, please follow the instructions provided to you by your bank, broker or other nominee to ensure that your shares are represented and voted at the Special Meeting.

The closing of the Business Combination is subject to several closing conditions, including but not limited to, stockholder approval of the proposals presented at the Special Meeting and the satisfaction of other customary closing conditions. If stockholders do not approve the proposals at the Special Meeting and Graf is unable to consummate an initial business combination by the deadline set forth in its current charter, Graf will be required to dissolve. Each vote is therefore very important.

About Graf Industrial Corp.

Graf Industrial Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. Graf began trading on the NYSE in October 2018 and its common stock, units and warrants currently trade under the ticker symbols GRAF, GRAF.U and GRAF WS, respectively. Graf’s website is www.grafacq.com.

About Velodyne Lidar, Inc.

Velodyne Lidar is a global leader in lidar technology providing real-time 3D vision for autonomous systems thereby empowering the autonomous revolution by allowing machines to see their surroundings. Its lidar-based smart vision solutions are well known in the automotive industry, but also deployed in many nonautomotive applications, such as last-mile delivery, autonomous mobile robots, unmanned aerial vehicles (UAVs), advanced security systems, and smart city initiatives. Velodyne’s website is www.velodyne.com.

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose”, “guidance”, “outlook”, “reaffirm” and variations of these words or similar expressions (or the negative versions of such words or expressions) are used to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Graf’s or Velodyne’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the inability to complete the Business Combination; the inability to recognize the anticipated benefits of the Business Combination; the inability to meet Nasdaq listing standards; costs related to the Business Combination; Velodyne’s ability to manage growth; Velodyne’s ability to execute its business plan; the timing of revenue from existing customers, including uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; the uncertain impact of the COVID-19 pandemic on Velodyne’s and its customers’ businesses; uncertainties related to Velodyne’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; Velodyne’s ability to identify and integrate acquisitions; rising costs adversely affecting Velodyne’s profitability; uncertainties related to current litigation and potential litigation involving Graf or Velodyne or the validity or enforceability of Velodyne’s intellectual property; and general economic and market conditions impacting demand for Velodyne’s products and services. Other factors include the possibility that the Business Combination does not close, including due to the failure to receive required stockholder approvals, the failure to satisfy other closing conditions under the merger agreement relating to the Business Combination, and other risks and uncertainties included in the Proxy Statement relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC. Neither Graf nor Velodyne undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Important Information About the Business Combination and Where to Find It

In connection with the Business Combination, Graf has filed the Proxy Statement with the Securities and Exchange Commission (the “SEC”). The stockholders of Graf and other interested persons are advised to read the Proxy Statement, as it contains important information about Velodyne, Graf and the Business Combination. The Proxy Statement and other relevant materials for the Business Combination will be mailed on or about September 17, 2020 to stockholders of Graf as of the Record Date established for voting on the Business Combination. Stockholders will also be able to obtain copies of the Proxy Statement and other documents filed with the SEC by Graf, without charge, once available, at the SEC’s web site at www.sec.gov, or by directing a request to: Graf Industrial Corp., 118 Vintage Park Blvd., Suite W-222, Houston, Texas 77070, Attention: Chief Executive Officer, (310) 745-8669.

Participants in the Solicitation

Graf and its directors and executive officers may be deemed participants in the solicitation of proxies from stockholders of Graf with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests is contained in Graf’s annual report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC and is available free of charge at the SEC’s website at www.sec.gov, or by directing a request to Graf Industrial Corp., 118 Vintage Park Blvd., Suite W-222, Houston, Texas 77070, Attention: Chief Executive Officer, (310) 745-8669. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Business Combination is contained in the Proxy Statement.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

Contact information

Graf Industrial Corp.

James Graf

Chief Executive Officer

james@grafacq.com

Velodyne Lidar, Inc.

Andrew Hamer

Chief Financial Officer

InvestorRelations@velodyne.com

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SOURCE Graf Industrial Corp.

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Powell River mayor provides update on mill, business and COVID-19

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City of Powell River mayor Dave Formosa reported on a number of initiatives at the September 15 committee of the whole meeting.

Formosa told council he has been meeting with people from out of town looking to move to the Powell River area. He said some are interested in starting businesses, and there are groups looking at creating businesses within the community.

“We are getting a lot of publicity lately for our very active real estate market,” said Formosa. “That also brings entrepreneurs that find their way into city hall and into the mayor’s office.”

Formosa said he has been having conversations with Patrick Corriveau, vice-president of paper and packaging with Catalyst Paper Corporation, which is wholly owned by Paper Excellence. He said discussions have involved Catalyst’s plans for short-term back-to-work and long-term outlooks for the mill.

“I’ve had three meetings with him via telephone in the last little while,” said Formosa. “I’ve also been talking about taxes and tax revitalization issues.”

He said he had been receiving a fair number of calls from residents who are not happy with information coming out of city hall regarding the COVID-19 situation locally.

“They are seeing news reports from our friends in the Tla’amin Nation and the issues of the outbreak in their community, and the great job they are doing,” said Formosa. “Our citizenry is wondering what is going on here in Powell River.”

Formosa said residents were wondering if there were similar outbreaks in Powell River and that the city is working with Vancouver Coastal Health very closely. He added that leaders of the three governments – Tla’amin, qathet Regional District and City of Powell River, plus chief administrative officers of those three governments, the chair of the emergency operations centre and the chair of the regional hospital board – have been trying to get Vancouver Coastal Health to come up with some language that can be shared with the public.

“Folks are curious,” said Formosa. “They hear there are X-amount of cases and I don’t blame them. We’re hoping there will be some announcements coming out very soon, jointly, with the three levels of government, that can help our residents somewhat in regard to this COVID-19 situation that we are finding ourselves in here in our district.”

Formosa said a meeting was held with the city’s protective services group and that crime rates are on the downswing, “which makes us very happy.”

“We are hoping to continue this trend,” added Formosa, “with seeing our crime rate come down.”

 

Copyright © Powell River Peak

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Paper towel in short supply as people stay home, clean more – Business News

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First TP, now paper towels

The Canadian Press – | Story: 311158

The head of Canada’s largest manufacturer of tissue products says he’s concerned about the industry’s supply of paper towel ahead of a potential second wave of COVID-19.

Kruger Products CEO Dino Bianco says demand for paper towel has soared as people stay at home and clean more frequently.

He says the industry is “very tight” on paper towel inventory across North America, despite efforts to build up supply.

Bianco says Kruger, which makes SpongeTowels paper towels, is pushing to open its new plant in Sherbrooke, Que., to add more capacity in Canada.

Although slated to open in February 2021, he said the company is trying to get the factory up and running faster. Some machines started over the summer, while more are set to come online in October.

Bianco said the plant will increase the company’s paper towel and toilet paper manufacturing capacity by 20 per cent.

Meanwhile, he says the company is also seeing a shortage of the recycled fibres used in about 25 per cent of its tissue products.

Bianco says Kruger recycles white paper used in offices, but that the market has dried up because people aren’t in offices printing.

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Markets Tumble as Surge in Virus Cases Imperils Recovery: Live Business Updates

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Credit…Darren Staples/Reuters

European energy companies like BP, Royal Dutch Shell and others have lately been selling off oil fields and investing billions in renewable energy, a response to plunging oil prices and growing concerns about climate changes.

But the American oil giants Chevron and Exxon Mobil are going in a far different direction. They are doubling down on oil and natural gas and investing what amounts to pocket change in innovative climate-oriented efforts like small nuclear power plants and devices that suck carbon out of the air.

The disparity reflects the vast differences in how Europe and the United States are approaching climate change, a global threat that many scientists say is increasing the frequency and severity of disasters like wildfires and hurricanes. European leaders have made tackling climate change a top priority while President Trump has called it a “hoax” and has dismantled environmental regulations to encourage the exploitation of fossil fuels.

The big American and European oil and gas companies publicly agree that climate change is a threat and that they must play a role in the kind of energy transition the world last saw during the industrial revolution. But the urgency with which the companies are planning to transform their businesses could not be more different.

“Despite rising emissions and societal demand for climate action, U.S. oil majors are betting on a long-term future for oil and gas, while the European majors are gambling on a future as electricity providers,” said David Goldwyn, a top State Department energy official in the Obama administration. “The way the market reacts to their strategies and the 2020 election results will determine whether either strategy works.”

Credit…Felix Odell for The New York Times

As car sales collapsed in Europe because of the pandemic, one category grew rapidly: electric vehicles.

One reason is that purchase prices in Europe are coming tantalizingly close to the prices for cars with gasoline or diesel engines. For example:

  • An electric Volkswagen ID.3 for the same price as a Golf.

  • A Tesla Model 3 that costs as much as a BMW 3 Series.

  • A Renault Zoe electric subcompact whose monthly lease payment might equal a nice dinner for two in Paris.

This near parity is possible only with government subsidies that, depending on the country, can cut more than $10,000 from the final price. Carmakers are offering deals on electric cars to meet stricter European Union regulations on carbon dioxide emissions. Electric vehicles are not yet as popular in the United States, largely because government incentives are less generous.

As electric cars become more mainstream, the automobile industry is rapidly approaching the tipping point when, even without subsidies, it will be as cheap, and maybe cheaper, to own a plug-in vehicle than one that burns fossil fuels. The carmaker that reaches price parity first may be positioned to dominate the segment.

A few years ago, industry experts expected 2025 would be the turning point. But technology is advancing faster than expected, and could be poised for a quantum leap. Elon Musk is expected to announce a breakthrough at Tesla’s “Battery Day” event on Tuesday that would allow electric cars to travel significantly farther without adding weight.

The balance of power in the auto industry may depend on which carmaker, electronics company or start-up succeeds in squeezing the most power per pound into a battery, what’s known as energy density.

“We’re seeing energy density increase faster than ever before,” said Milan Thakore, a senior research analyst at Wood Mackenzie, an energy consultant which recently pushed its prediction of the tipping point ahead by a year, to 2024.



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