Group 1 - A shareholder has filed a class action lawsuit on behalf of purchasers or sellers of Cepton, Inc. common stock during the Class Period from July 29, 2024, to January 6, 2025 [1] - Cepton, Inc. was previously an electronics company before its acquisition [1]

Core Viewpoint - A class action lawsuit has been filed against Cepton, Inc. and certain officers, alleging violations of federal securities laws during the Class Period from July 29, 2024, to January 6, 2025, related to the company's merger with Koito Manufacturing Co., Ltd. [1][5] Group 1: Class Action Details - The lawsuit seeks to recover damages for all persons and entities that purchased or sold Cepton common stock during the Class Period [1] - Investors have until December 8, 2025, to request to be appointed as Lead Plaintiff for the class [2] Group 2: Company Background - Cepton is an electronics company focused on high-performance lidar technologies for the Automotive and Smart Infrastructure markets, offering various lidar systems and software [3] - Koito Manufacturing Co., Ltd. invested $200 million in Cepton, acquiring 30.1% of voting power and two board seats as of July 2023 [4] Group 3: Merger and Allegations - In July 2024, Cepton accepted Koito's bid to acquire all outstanding capital stock for $3.17 per share, which closed on January 7, 2025 [5] - The lawsuit alleges that Cepton's Board failed to disclose a credible third-party bid valuing the company at more than double the Koito Acquisition price, depriving shareholders of meaningful consideration [5][7] - The Amended Complaint claims that the acquisition price was unreasonable and that the Board concealed critical facts in their communications with shareholders [7]

Core Points - A shareholder class action lawsuit has been filed against Cepton, Inc. alleging that the company made materially false and misleading statements regarding its business and operations [1] - The lawsuit claims that Cepton received a credible third-party bid valuing the company at more than double the Koito Acquisition, which was not disclosed to shareholders [1] - It is alleged that Cepton's Board of Directors failed to explore the third-party offer meaningfully and did not disclose its terms when recommending the Koito Acquisition to shareholders [1] - As a result, shareholders were deprived of the opportunity to consider the third-party offer when deciding on the Koito Acquisition [1] - The lawsuit asserts that the public statements made by the defendants were materially false and misleading at all relevant times [1] Legal Context - Shareholders who purchased Cepton shares between July 29, 2024, and January 6, 2025, and experienced significant losses are encouraged to discuss their legal rights [2] - The deadline to request to be appointed lead plaintiff in the case is December 8, 2025 [3] - Holzer & Holzer, LLC is a law firm specializing in securities litigation and has a history of recovering significant amounts for shareholders affected by corporate misconduct [3]

Revenue and Market Performance - Cepton's revenue is primarily derived from lidar sensor sales and development arrangements, with a significant decline expected in lidar sensor revenue for 2024 due to the cancellation of the GM series production award[148]. - Development revenue is anticipated to increase significantly in 2024 compared to 2023, driven by an engineering services contract with Koito worth approximately $10 million[149][136]. - Total revenue for the three months ended September 30, 2024, was $0.5 million, a decrease of $3.3 million or 86% compared to $3.8 million in the same period in 2023[163]. - Development revenue increased by $10.6 million to $10.9 million for the nine months ended September 30, 2024, from $0.3 million for the same period in 2023[167]. - Lidar sensor and prototype revenue decreased by $3.3 million, or 88%, to $0.5 million for the three months ended September 30, 2024, from $3.8 million for the same period in 2023[164]. Costs and Expenses - The company incurred $1.6 million and $3.2 million in transaction costs related to the Koito merger agreement during the three and nine months ended September 30, 2024, respectively[135]. - Cepton's gross margins are expected to fluctuate based on market conditions, product mix, and manufacturing cost structure, with a focus on driving down costs as production volumes increase[151][142]. - Total cost of revenue for the three months ended September 30, 2024, was $0.6 million, a decrease of $2.7 million or 82% compared to $3.3 million in the same period in 2023[168]. - Research and development expense decreased by $1.2 million, or 18%, to $5.5 million for the three months ended September 30, 2024, from $6.7 million for the same period in 2023[172]. - Selling, general, and administrative expense decreased by $0.8 million, or 13%, to $5.3 million for the three months ended September 30, 2024, from $6.1 million for the same period in 2023[173]. Profitability and Losses - Operating loss for the three months ended September 30, 2024, was $10.9 million, a decrease of $1.4 million or 11% compared to $12.3 million in the same period in 2023[163]. - Net loss for the three months ended September 30, 2024, was $10.6 million, a decrease of $0.7 million or 6% compared to $11.3 million in the same period in 2023[163]. - The company incurred a net loss of $17.3 million during the nine months ended September 30, 2024, with negative cash flow from operating activities amounting to $8.7 million[190]. - The company expects to continue investing in research and development, which may lead to further operating losses in the near future[187]. Cash Flow and Liquidity - As of September 30, 2024, the company had cash and cash equivalents totaling $47.7 million, sufficient to meet foreseeable liquidity needs for at least the next twelve months[182]. - During the nine months ended September 30, 2024, the company generated $6.1 million from investing activities, primarily from short-term investment maturities[194]. - Financing activities used $0.1 million of cash during the nine months ended September 30, 2024, primarily for employee tax payments on RSU vesting[196]. Strategic Partnerships and Market Focus - The automotive market represents a large portion of Cepton's total addressable market, with ongoing discussions with all top 10 global automotive OEMs to secure series production awards[145][140]. - The company is focused on mass-market lidar solutions for advanced driver assistance systems (ADAS), which is projected to be the largest market opportunity for lidar applications over the next decade[127]. - Cepton's strategic partnerships with system integrators are aimed at driving the adoption of lidar solutions in smart infrastructure applications, which are expected to grow at a faster pace than in the automotive market[141]. - The average selling price of lidar solutions in the smart infrastructure market is expected to be higher than in the automotive space due to customization and integration requirements[143]. Economic Environment and Future Outlook - The global economic environment remains volatile, influenced by inflation, geopolitical conflicts, and consumer confidence, which may impact Cepton's business performance[130]. - The company entered into a merger agreement with Koito, expected to close in the first quarter of 2025, which will increase liquidity and capital resources[184][185]. - The company issued 100,000 shares of Preferred Stock to Koito for a purchase price of $100.0 million, with the Preferred Stock convertible into common stock starting January 19, 2024[183]. - The company recorded a $0.3 million expense in other (expense) income, net for the three months ended September 30, 2024, due to project loss claims related to the GM series production award cancellation[180]. - The company realized $4.0 million of cost recovery during the nine months ended September 30, 2024, related to the cancellation of purchase orders from GM[186]. - The company had an accumulated deficit of $151.9 million as of September 30, 2024, reflecting significant operating losses in the past[187]. - Lidar sensor and prototype cost of revenue decreased by $4.3 million, or 61%, to $2.8 million for the nine months ended September 30, 2024, from $7.1 million for the same period in 2023[170]. - Foreign currency transaction loss, net of $0.8 million was recorded during the nine months ended September 30, 2023, due to the repayment of the Secured Term Loan with Koito, which was denominated in Japanese Yen[178].

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Exhibit 99.1 Cepton, Inc. Reports Third Quarter 2024 Results SAN JOSE, CA, November 7, 2024 – Cepton, Inc. ("Cepton") (Nasdaq: CPTN), a Silicon Valley innovator and leader in high performance lidar solutions, today announced its business updates and financial results for the third quarter ended September 30, 2024. "As we enter the fourth and final quarter of 2024, we are making significant strides in the commercialization of our lidar technology," said Jun Pei, Cepton's Co-Founder and CEO. "With an RFQ with ...

NEW YORK, Oct. 1, 2024 /PRNewswire/ -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who own Cepton, Inc ("CPTN" or the "Company") (NASDAQ: CPTN) stock purchased on or before July 29, 2024. Levi & Korsinsky, LLP has commenced an investigation into potential breaches of fiduciary duty by the CPTN board of directors. To learn more about the action and your rights, go to: https://zlk.com/mna2/cepton-inc-lawsuit-submission-form or contact Joseph E. Levi, Esq. eith ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 001-39959 27-2447291 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification Number) 399 West Trimble Road San Jose, California 95131 (Address of principal executive offices) (Zip Code) Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.00001 per share CPTN The Nasdaq Stock Market LLC Redeemable warrants, exer ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. S ...