Aeva Technologies said on Friday it received a $100 million investment from funds managed by Apollo through the purchase of 4.375% Convertible Senior Notes, aimed at supporting the company’s commercial scaling of its frequency-modulated continuous wave (FMCW) 4D LiDAR technology.
The agreement provides for the Apollo Funds to purchase $100 million in aggregate principal amount of Convertible Senior Notes due Nov. 15, 2032, carrying an annual interest rate of 4.375%.
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The notes include a 15% conversion premium at an initial conversion price of $15.8643 per share. Aeva said it may settle conversions in cash, shares, or a combination of both.
Aeva Chief Executive Soroush Salehian said the funding “comes at a defining time in the industry,” and is expected to help advance the company’s lidar-on-chip perception platform that combines sensing, signal processing, and perception algorithms on silicon.
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The company said the investment will be used to support its ongoing programs in automotive, robotics, and industrial automation. Morgan Stanley acted as financial advisor to Aeva, while Gunderson Dettmer and Fenwick & West provided legal counsel. White & Case represented the Apollo Funds. Further details were included in Aeva’s filing with the U.S. Securities and Exchange Commission.