Quebec City Bridge Loan Announcement
LeddarTech® Receives Second Tranche of Bridge Loans
October 15, 2024
QUEBEC CITY, Canada, Oct. 15, 2024 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, for ADAS, AD, and parking applications, announced today that the Company received the second tranche of the bridge loans (the “Bridge Loans”) in an aggregate amount of US$3.0 million, which are part of a bridge financing in an aggregate amount of up to US$9.0 million (the “Bridge Financing”) made available to the Company by certain of its principal shareholders, namely FS Investors (“FS”), Investissement Québec (“IQ”) and its senior lender, Fédération des caisses Desjardins du Québec (“Desjardins” and, together with FS and IQ, the “Initial Bridge Lenders”). The principal details of the Bridge Financing were announced by the Company on August 19, 2024.
This announcement marks a significant milestone for LeddarTech as it secures additional funding to support its innovative AI-based technology development and expansion efforts. The Bridge Loans provided by its principal shareholders demonstrate confidence in the Company’s vision and strategic direction.
With the second tranche of Bridge Loans now in hand, LeddarTech can proceed with its plans to further develop and commercialize its LeddarVision™ technology for advanced driver assistance systems (ADAS), autonomous driving (AD), and parking applications. This funding will enable the Company to accelerate its market penetration and strengthen its position as a leader in the automotive software industry.
LeddarTech’s ability to secure funding in the current economic climate is a testament to the strength of its technology and the potential for growth in the automotive sector. The Company’s innovative approach to sensor fusion and perception software positions it as a key player in the evolution of autonomous driving technologies.
Effects on Individuals
The announcement of LeddarTech’s additional funding may have positive implications for individuals working in the automotive industry, particularly those involved in the development of ADAS and autonomous driving technologies. The continued growth and success of LeddarTech could lead to new job opportunities and advancements in the field of automotive software technology.
Global Impact
LeddarTech’s receipt of the second tranche of Bridge Loans is a notable development in the global automotive industry. As a leading provider of AI-based sensor fusion technology, LeddarTech’s continued innovation could drive advancements in autonomous driving capabilities worldwide. The Company’s success may also have a ripple effect on other automotive technology companies, inspiring further innovation and competition in the industry.
Conclusion
In conclusion, LeddarTech’s receipt of additional funding in the form of Bridge Loans is a positive sign for the Company’s growth and development. The support of its principal shareholders reflects confidence in LeddarTech’s technology and market potential. This funding will enable LeddarTech to continue pushing the boundaries of automotive software technology and driving advancements in ADAS, AD, and parking applications.
