Velodyne Lidar, Inc. (NYSE:VLDR) and Graf Industrial Corp. announced yesterday that their stock ticker will change from GRAF into VLDR, meaning that their previously announced business combination, pursuant to which Velodyne became a wholly owned subsidiary of Graf and Graf changed its name to Velodyne Lidar, Inc. The business combination was approved at a special meeting of Graf’s stockholders held on Tuesday..
GRAF was one of the lesser known SPACs this summer but I am sure shareholders expected some bigger gains once the business combo is finished. This did not happen today but I am not sure stock price will go up from here either.
The news is here, ticker is changed and VLDR Common Stock will officially start trading on NYSE on Wednesday. There is no other catalyst that can push the stock price at the moment.
Big backers such as Ford, Hyundai and Nikon will keep their stake in the company, which is important but fresh money flow is needed to keep the price momentum, which is not stellar by the way.
This is new technology (real-time 3D vision for autonomous systems) and it will take some time to see first positive financial results. Big players know this and they have enough money in their pockets to wait, which is not something that could be said for Robin Hood traders. Once this news fades away I am sure shares will follow.
But have in mind that this is a long term investment that might pay off big time once Lidar becomes new norm.