Cepton to Consolidate Shares with 1-for-10 Reverse Stock Split

Cepton, Inc. (“Cepton”) (Nasdaq: CPTN), a Silicon Valley innovator and leader in high performance lidar solutions, announced today that its Board of Directors (“Board”) has approved a 1-for-10 reverse stock split ("Reverse Stock Split") of its common stock, par value $0.00001 per share ("Common Stock") that is expected to become effective on Thursday, September 21, 2023 at 5:00 p.m. Eastern Time (“Effective Time”). The Company's Common Stock is expected to begin trading on a split-adjusted basis on the Nasdaq Stock Market at the open of trading on September 22, 2023 under the existing symbol "CPTN" and new CUSIP number 15673X200.

At Cepton’s special meeting of stockholders on September 7, 2023, stockholders approved the proposal to authorize the Board to effect a reverse split at a ratio ranging from 1-for-5 to 1-for-20.

The Reverse Stock Split will affect all issued shares of Common Stock. As a result of the Reverse Stock Split, every 10 shares of Common Stock issued as of the Effective Time will be automatically combined into one share of Common Stock. No fractional shares will be issued as a result of the Reverse Stock Split. Stockholders who would otherwise be entitled to a fractional share of Common Stock are instead entitled to receive a cash payment (without interest) in an amount equal to their respective pro rata share of the total proceeds of the sale of the aggregated fractional shares net of any brokerage and other costs incurred to sell such shares. The Reverse Stock Split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s outstanding Common Stock, except for adjustments that may result from the treatment of fractional shares, as described above.

The terms of outstanding warrants and equity-based awards (including exercise price and number of shares issuable thereunder) will be proportionately adjusted, in accordance with the terms of the applicable agreement. Specifically, following effectiveness, every 10 shares of Common Stock that may be purchased pursuant to the exercise of warrants will represent one share of Common Stock that may be purchased pursuant to such warrants. The exercise price for each warrant following the Reverse Stock Split will equal the product of 10 multiplied by the exercise price prior to the Reverse Stock Split; accordingly, the exercise price for the Company’s warrants trading under the symbol “CPTNW” will be $115.00. The CUSIP numbers for the Company’s warrants will not change.